A very good news has emerged in the bullion market today i.e. on 19th June for those making jewelery or investing. There has been a sudden big fall in the prices of gold and silver, which had remained at high levels for a long time. From the domestic market to the international level, there is huge pressure on the yellow and white metal. Today, a huge fall of Rs 6,867 has been recorded in the price of silver on MCX, while the price of gold has also fallen by around Rs 2,500.
Talking about retail market, this softening of prices has given a big support to the budget of common customers. According to the latest data, there has been a huge decline of Rs 2,510 in the price of gold. After this cut, the price of 10 grams of gold has come down to Rs 1,47,150, which shows a decline of about 1.68 percent. On the other hand, those who buy silver are getting bigger benefits today. In the retail market, silver has become cheaper by Rs 6,370 and reached the price of Rs 2,32,330 per kg. This is a direct decline of about 2.67 percent.
Not only in the retail market, but also on the Multi Commodity Exchange (MCX), the shine of both the precious metals has faded today. The effect of heavy selling by investors is clearly visible in the futures market. The price of gold contract expiring on August 5 is trading at Rs 1,46,817, falling by 1.67 percent (Rs 2,492). Similarly, selling is dominant in silver contracts expiring on July 3. Silver has fallen by 2.75 percent or Rs 6,867 and directly reached the level of Rs 2,31,050.
The international market has a big role to play in this spectacular decline in the domestic market. Strong pressure is being seen on the prices of gold and silver in the global market too, which has had a direct impact on the Indian markets. Globally, gold prices have fallen by about 2 percent. At the same time, the situation of silver is even softer, in which a sharp decline of more than 3 percent has been recorded. This global sell-off has opened up a good opportunity for Indian buyers.
