Gold Prices Plummet, Presenting a Golden Buying Opportunity
Gold prices have significantly declined, falling below ₹85,800 on the MCX. Following the market opening, gold dipped by ₹300, while silver also dropped by ₹200, bringing its price below ₹98,000 per kg.
Market Overview
The domestic futures market is witnessing a downward trend in bullion prices amid minor fluctuations in the global market. Gold and silver have both dropped from their recent highs. In the international market, gold prices hover around $2,900 per ounce, influenced by strong bond yields. Meanwhile, the US dollar has reached a four-month low, dropping below 104, exerting additional pressure on precious metals.
Current Gold and Silver Prices
On Friday (March 7) at around 10 AM, gold was trading at ₹85,790 per 10 grams on the MCX, marking a ₹244 decline from the previous session. On Thursday, gold had closed at ₹86,034. During the same period, silver dropped by ₹166 per kg, trading at ₹97,975, compared to its previous closing price of ₹98,141.
Bullion Market Trends
Gold prices in the national capital’s bullion market fell by ₹200, settling at ₹89,100 per 10 grams on Thursday, following declines in international markets. Previously, gold with 99.9% purity had closed at ₹89,300 per 10 grams. Similarly, gold with 99.5% purity dropped by ₹200 to ₹88,700 per 10 grams from its Wednesday closing rate of ₹88,900 per 10 grams. However, silver prices remained steady at ₹99,000 per kg.
Market Experts Weigh In
Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, noted that gold prices slipped as investors evaluated recent tariff changes and their potential economic impact. Speculations suggest that former US President Donald Trump may consider reducing tariffs on Mexico and Canada, influencing global bullion rates.
Jatin Trivedi, Vice President and Research Analyst for Commodities & Currencies at LKP Securities, stated that upcoming key economic data—such as US ADP non-farm employment figures, non-agricultural payrolls, and unemployment rates—could continue to drive fluctuations in gold and silver prices.