Gold and Silver Prices Fall: Silver Drops by Rs 24,000, Gold Also Slips; Check Latest Rates

Today, both gold and silver showed weakness. Silver experienced a significant crash on MCX, while gold also remained under pressure. Gold and silver also slipped in the COMEX market.

Gold Silver Price Today Drop: Today, significant fluctuations were observed in the domestic and international bullion markets. Weak global cues and a strengthening dollar index put pressure on precious metals. Today, silver prices on the Multi-Commodity Exchange (MCX) declined sharply, while gold also traded in the red.

Silver Prices Today

Today, Thursday, silver surprised investors in the domestic futures market on MCX. In the March contract, the previous closing price of silver was ₹2,68,850 per kg, while today silver fell by approximately ₹24,000 to trade around ₹2,44,600 per kg. Weak industrial demand, profit-taking, and negative signals from the global market put pressure on silver. According to experts, market volatility may increase further after such a sharp decline.

Gold's Performance Today

Gold prices also witnessed a decline. Today, Thursday, in the domestic futures market on MCX, gold in the April contract traded around the ₹1,48,000 per 10 grams level, registering a fall of approximately 0.83 per cent. The pressure on gold was mainly due to a strong dollar, rising US bond yields, and a softening in demand for safe-haven investments. Limited demand for jewellery in the domestic market also put a brake on gold's rally.

Gold and Silver in the Global Market

Talking about the international market, both gold and silver were under pressure on COMEX. COMEX gold traded around $4888.80 per ounce, registering a decline of approximately 1.25 per cent. Meanwhile, COMEX silver showed even greater weakness, slipping to the level of approximately $76.885, with a significant fall of about 8.90 per cent. Uncertainty regarding global interest rates and the Federal Reserve's hawkish stance has dulled the shine of precious metals.