Gold Price Crash Update: There is good news for people thinking of buying gold jewelery on Akshaya Tritiya. For the second consecutive day, gold prices have fallen sharply due to global cues. In the bullion market of Delhi NCR, the price of gold has fallen by Rs 1450 to Rs 72,200 per 10 grams. Experts associated with the commodity sector say that gold may fall to Rs 70,000 in the coming days and if it slips below that, it may fall further.
Gold prices have seen a decline for the second consecutive day due to weak global cues and profit booking from upper levels. In the bullion market of NCR, on Tuesday, gold fell by Rs 1,450 per 10 grams to Rs 72,200 per 10 grams. A decline is being seen not only in gold but also in silver. The price of silver has fallen by Rs 2300 to Rs 83,500 per kg. The previous closing price of silver was Rs 85,800 per kg.
A decline in gold prices is being seen in the international commodity market. Gold has fallen to two-week low of $2298.59 an ounce. On Monday, the biggest fall of 2.7 percent in gold was seen in the last 22 months. On April 12, gold had reached $2431.29 per ounce. There is a decline in demand for gold amid signs of easing tension in West Asia and the US Federal Reserve keeping the policy rates high for a long time, due to which gold prices have come down.
Jatin Trivedi, Vice President, Commodity and Currency at LKP Securities, said that the downward trend in gold prices continues and the reason for this decline is the sharp softening of Comex Gold within two days. He said that in the coming days, gold prices in MCX may get support around Rs 70,000. However, if prices fall below this level, there could be another selloff till Rs 68,500.
In MCX futures trading, gold has fallen by Rs 754 to Rs 70,443 per 10 grams. Earlier, the future rate of June had reached the low of Rs 70,202 per 10 grams in the day's trading.
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