Ukraine on Monday signaled the end of the war by accepting Russia’s terms. This is the reason that despite the rise in the prices of gold and silver in the global market, the Indian market is showing a decline and investors are booking profits from the sell-off.
Due to the volatility in the global market, there was a change in the prices of gold and silver in the Indian market on Monday as well.
On the Multi Commodity Exchange (MCX), both gold and silver metals started trading with a fall in the morning. On MCX at 9.05 am, the futures price of gold fell by Rs 155 to Rs 51,721 per 10 grams. This price is for 24 carat purity gold. Earlier, gold was also opened at the rate of 51,721.
fall in silver
The futures price of silver on MCX also started showing a decline from the beginning of trading. In the morning, the futures price of silver was at Rs 68,520 per kg with a loss of Rs 316 on the exchange. Silver opened in the morning at a price of 68,511, which was trading with a slight increase after a while. However, it was showing a decline in comparison to the previous trading day.
Rapid growth in global market
There is some increase in the rate of gold and silver in the global market. The spot price of gold rose 0.28 percent to $ 1,948.80 an ounce. At the same time, silver spot rate rose 0.70 percent to $ 25.44 an ounce. The effect of the boom in the global market is expected to be visible on the Indian market soon.
What is the expert’s guess
Market analysts say that after the end of the ongoing war between Russia and Ukraine, gold prices will fall sharply. Russia also has large reserves of gold and wants to sell it in the global market.
If this gold comes in the market then its supply will increase and there can be a big fall in the prices. Ukraine has also indicated the end of the war by accepting the terms of Russia today.
You can check the price of your city like this
The price of gold jewelery varies across the country, as it also has its share of excise duty, state tax and making charge. You can take the help of Indian Bullion and Jewelers Association (IBJA) to check the price of gold in your city. For this, you just have to give a missed call on the number 8955664433. The message of the latest rate of gold will come on your mobile number.
