Gold became cheaper by Rs 2500, silver came below 71 thousand, why are prices falling?

Gold prices in India's futures market have come down to a two-month low and have come down below Rs 59,500. On the other hand, the prices of silver have come down by Rs 71 thousand. There is also a decline in the American markets.

Cheers are echoing in the corridors of the Washington House for the US and the consensus on the US debt ceiling, while on the other hand, the fear of increasing interest rates is clearly visible from the Eccles Building of the US Central Bank. Gold prices are constantly sinking between these two. Gold prices in India's futures market have come down to a two-month low and have come down below Rs 59,500. On the other hand, the prices of silver have come down by Rs 71 thousand. There is also a decline in the American markets. If experts believe that with the confirmation of the debt ceiling deal, if the Fed's interest rates increase, then there will be a further decline in the price of gold and silver.

Gold continues to decline

There is a continuous decline in the price of gold on the country's future market MCX. August contract Gold Suh is trading at Rs 59,400 with a fall of Rs 99 at 10.25 am. During the trading session, the price of gold reached Rs 59,380. On the other hand, on May 4, gold had reached Rs 61,845 in the futures market. Since then till now it has fallen by about 2500 rupees. If experts are to be believed, a further decline of up to Rs 1000 can be seen in it.

Silver below 71 thousand rupees

On the other hand, there is also a fall in the price of silver. In the futures market, silver is trading at Rs 70,775 with a fall of Rs 350 in 10.25 minutes. During the trading session, silver came at a lower level of Rs 70,642. By the way, today silver had opened at Rs 71,000 and a day ago the price of silver had closed at Rs 71,125. By the way, there can be a further decline in the price of silver.

Gold and silver boom in foreign markets

There is an atmosphere of decline in both gold and silver in foreign markets. According to data, gold futures in New York's Comex market are trading at $ 1,956.90 an ounce, down by $ 6.20 an ounce. Gold spot is trading at $ 1,939.02 an ounce with a fall of $ 4.17 an ounce. Silver futures are trading at $ 23.17 per ounce due to a drop of about one percent. On the other hand, the price of silver spot is trading at $ 23.05 per ounce with a decline of 0.56 percent.