Gold and Silver Prices Crash: Gold and silver prices suddenly went down a lot on Thursday, and people in India also felt this change. This happened because of global tensions and also because of the recent US Fed meeting. Due to this, many investors started selling, which pushed prices down.
In Delhi, silver price dropped heavily by Rs 17,800 and came down to Rs 2.38 lakh per kg. Gold also became cheaper and fell by Rs 7,000, reaching Rs 1.53 lakh for 10 grams.
As per the All India Sarafa Association, silver went down by Rs 17,800 which is almost 7%. It moved from Rs 2,56,500 per kg to Rs 2,38,700 per kg with all taxes included. If we look at earlier prices, silver has fallen a lot. It is now down by Rs 1,65,800 which is about 41% from its highest price of Rs 4,04,500 per kg on January 29.
Gold also saw a similar fall. The price of 99.9% pure gold dropped by Rs 7,000 or 4.37% and came to Rs 1,53,300 per 10 grams. Earlier it was Rs 1,60,300. From its peak price of Rs 1,83,000 on January 29, gold has now fallen more than 16%.
Why Prices are Going Down
Experts say many reasons are behind this sudden fall. Rising oil prices, worries about inflation, and decisions by big central banks are affecting gold and silver prices.
Gaurav Garg from Lemonn Markets Desk said, “Gold and silver prices resumed their downward trajectory on Thursday amid rising global inflation concerns,” which means prices started falling again because inflation worries are growing.
There is also tension between the US and Iran, which is affecting oil supply. This can increase inflation more and create more pressure on gold prices.
Dilip Parmar from HDFC Securities said gold became weak because of the US Federal Reserve’s soft approach and also because money has been going out of gold ETFs for the last five days. He also explained, “As energy-driven inflation looms, the inflation remains a primary concern for central bankers, keeping the pressure firmly on gold as bond yields climb,” which means rising energy costs and interest rates are hurting gold prices.
In the global market also, prices dropped.
- Silver price fell by $4.88 which is 6.48% and reached $70.49 per ounce.
- Gold also dropped by about $140.19 which is nearly 3% and came to $4,678.69 per ounce.
Jateen Trivedi from LKP Securities said, “Gold prices slipped below the USD 4,700 per ounce, witnessing a sharp correction of USD 100 in a single session and nearly USD 300 in the last two days, as strong macro headwinds continue to weigh on prices,” showing that global factors are pushing prices down fast.
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What Happens Next?
US Federal Reserve Chairman Jerome Powell said that rising oil prices are adding to inflation, but the full impact is still not clear. He also said inflation has increased a bit and energy prices may go higher in the short term. Right now, the Fed is waiting and watching the situation before taking any big step.
Experts say investors will now look at what other big banks like the Bank of England and European Central Bank decide next. Manav Modi from Motilal Oswal said, “Investors will now focus on the policy decisions of the Bank of England and the European Central Bank.”
Jateen Trivedi also shared that in the short term, the trend may stay weak and prices can move up and down quickly depending on interest rates and global tensions.
