Gold and silver prices experienced a significant drop on Thursday, followed by a quick recovery as silver prices rose by ₹6,196 and gold prices by ₹1,464 on the MCX.
On Thursday, gold and silver prices saw a substantial decline in markets from the US to India, with silver dropping by nearly 9% and gold by over 2%. In the Indian Multi Commodity Exchange (MCX), the price of gold for April futures fell by ₹6,400, reaching ₹1.52 lakh, while silver prices dropped by about ₹26,000, bringing the price for one kilogram to ₹2.37 lakh.
By 10:30 AM on Friday, silver had rebounded, trading at ₹2.42 lakh after an increase of ₹6,196, while gold also saw a surge in prices, climbing by ₹1,464 to reach ₹1.54 lakh. This increase in prices followed the significant drop from the previous day, indicating volatile market conditions.
Analysts attribute the drop in gold and silver prices to strong US unemployment data, which diminished expectations for interest rate cuts by the Federal Reserve. As a result, indications of a stronger dollar have emerged, impacting the prices of these precious metals in both international and domestic markets.
