The last one month was full of ups and downs for the bullion market. In the domestic commodity market, the prices of gold and silver were touching the sky in the early weeks of March, now the customers have got a lot of relief. The huge fall in the prices of gold and silver has brought cheer to the faces of common buyers and investors.
If we look at the data, there has been a big improvement in the prices of gold and silver in the last one month. A month ago, on March 4, the price of 24 carat gold in the Multi Commodity Exchange was around ₹ 1.62 lakh per 10 grams, which has now come down to around ₹ 1.50 lakh. In this way, a decline of about ₹ 12 thousand has been recorded in the prices of gold. At the same time, if we talk about silver, an even bigger decline has been seen in it. On March 4, the price of silver was around ₹2.70 per kg, which has now come down to ₹2.35 lakh. That means, within a month, silver has fallen by about ₹ 35 thousand.
Why did this decline occur in the market?
According to experts, the reason behind this decline was the huge instability in the market due to increasing tension in the Middle East and uncertainty between America and Iran. At the same time, after the recent rally, investors started booking profits, which put pressure on prices. Apart from all this, the strengthening of the US dollar globally worked to bring down the prices of gold and silver.
Hints for investors and buyers
Bullion traders say that this fall in prices can be a good opportunity for those who wanted to invest in gold and silver for a long time or were planning to buy for the upcoming wedding season. However, the market is still very sensitive to global cues, so it would be wise to keep an eye on market trends before making any big investments.