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Due to the rise in the dollar index, gold and silver prices have crashed from New York to New Delhi. During today's trading session, the prices of gold and silver have reached their lowest level in 7 months.
Both gold and silver have crashed due to the momentum gained by the dollar due to the postponement of the US shutdown. According to data, gold prices from New York to New Delhi have fallen to the lowest level in 7 months. This morning, the price of gold in the futures market of India fell by Rs 1000 in just 25 minutes. At the same time, the price of silver also fell by Rs 4200 within a few minutes. There has been a big fall in the price of gold in foreign markets also.
In New York, the price of gold future is $ 1,837.30 per ounce and the price of gold spot is $ 1,820.72 per ounce. According to experts, this level may be broken in the coming few days. A decline of one percent is also being seen in the prices of silver future. Let us also tell you at what level the gold prices have reached at present?
Gold became cheaper by Rs 1000 in 25 minutes
There was a big fall in the price of gold on India's futures market Multi Commodity Exchange. In just 25 minutes of market opening, gold prices fell by more than Rs 1000 and reached the 7-month low of Rs 56,565. However, today gold opened at Rs 57,426 per ten grams. Whereas a day before that i.e. on September 29, the price of gold had closed at Rs 57,600. At present, at 10:31 am, the price of gold is Rs 56,716 per ten grams, down by Rs 884.
Silver lost Rs 4200 in shock
On the other hand, silver was also seen crashing on the Multi Commodity Exchange. Within minutes of the market opening, silver prices crashed to Rs 4200. According to the data, this morning silver opened at Rs 69,255 and fell to the 7-month low of Rs 65,666. However, at present at 10.41 am the price of silver has decreased by Rs 3012 and is trading at Rs 66,845. However, when the market closed on September 29, the price of silver was Rs 69,857.
Gold and silver became cheaper in foreign markets also
On the other hand, gold and silver prices have been seen crashing in foreign markets also. In the Comex market of New York, gold future is trading at $ 1,836.50 per ounce, down by about $ 11 per ounce. On the other hand, gold spot price is trading at $ 1,820.21 per ounce with a fall of $ 7.82 per ounce. The price of silver future on Comex is trading at $ 21.23 an ons with a decline of 0.92 percent. Whereas the price of silver spot is flat at $ 21.01 per ounce.
The dollar took its toll
Anuj Gupta, Currency Commodity Head, HDFC Securities, said that the dollar index is seeing a rise due to the successful postponement of the US shutdown. Due to which the level of dollar index has reached above 107. For this reason, there is a decline in the prices of gold and silver. He said that at present gold has a support of Rs 55 thousand. If this level is broken then gold prices may go down further.
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