new Delhi. In the past week, gold and silver prices have seen a big decline in futures trading. After the announcement of the Russian vaccine, both gold and silver have rolled over the past week. The silver price has gone up to 10 per cent lower circuit. On Friday too, both gold and silver closed with a big fall. Let us also tell you how much the price of gold and silver has fallen in a week.
Fall in gold prices
Gold futures on the Multi Commodity Exchange fell by Rs 3,648, or 6.53 per cent, to close at Rs 52,227 per ten gram on the last trading day of the week. According to the data from the futures market, on Friday, August 7, gold reached an all-time high of Rs 56,161 per ten grams. On the other hand, Gold Mini declined by 6.60 per cent to Rs 52,451 per ten grams.
Silver up to 12% cheaper
Talking about the price of silver, the futures market fell by Rs 9,138, ie 11.97 per cent, to Rs 67,220 per kg. While the price of silver reached its all-time high on 7 July with a price of Rs 77949 per kg. On the other hand, silver mini also fell by 11.85 per cent to Rs 67,255 per kg on the last trading day of the week.
Gold and silver rolled in overseas markets
At the same time, in the last week, there was a lot of pressure in the price of gold and silver in London and American markets. In London, the gold spot fell by 116.96 pounds per ounce, or 5.67 per cent, to 1,944.45 pounds per ounce. December gold futures were down by 5.68 percent at $ 1,953.70 an ounce. In the international market, silver spot fell by $ 1.90, or 6.70 per cent, to $ 26.46 an ounce.
Why did the decline come
The launch of the Corona virus vaccine in Russia has raised hopes of controlling the epidemic in the world. Due to this, investors took risk in the stock markets and reduced investment in yellow metal. This has seen pressure on gold. According to experts, the price of gold and silver may fluctuate in the coming days. In fact, all eyes are on the outcome of the third phase testing of the Russian vaccine. If this vaccine gets the green signal from the WHO, then there may be a further decline in gold and silver.