Gold and Silver Price: Gold and silver prices fell sharply as soon as the market opened on Friday. Silver prices for March delivery on MCX fell by more than ₹17,000 in the morning.
Following this decline, the price of silver fell to around ₹3.82 lakh per kg. Gold also fell by around ₹3,000 to around ₹1.69 lakh per 10 grams.
Both precious metals were trading in the red on Friday morning. Prices were pressured by investors taking profits after sharp gains this week, which had previously hit new record highs.
After initial declines, both metals saw a slight recovery in the morning. Around 10 am, silver was trading at Rs 388,000 per kg, down Rs 11,893. Gold, meanwhile, fell Rs 2,105 to Rs 167,298 per 10 grams.
Gold Situation in the international market
Gold prices also softened in the international market on Friday. A strong dollar kept gold prices under pressure. However, investors remained interested in gold as a safe-haven asset amid geopolitical and economic uncertainties.
This is why gold was heading for its best performance ever in January. This could be the biggest monthly gain since 1980.
International silver prices also fell slightly. Spot silver fell 0.2% to $115.83 per ounce. It had reached a record high of $121.64 on Thursday. Silver prices have gained 62% this month, putting it on track for its best monthly performance ever.
Meanwhile, the dollar index saw a slight increase. It was supported by the Federal Reserve’s decision to keep interest rates unchanged this week. However, the dollar index is still headed for a second consecutive week of declines.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News