Gold prices fall sharply today, silver rates see big decline
- Gold and silver prices in India reflect the global trend
- In India, high gold prices have hit demand
Gold and silver prices fell sharply in Indian markets, tracking a decline in global markets. On MCX, August gold futures fell 0.50% to ₹34,347 per 10 gram while October contracts declined 0.6% to ₹35,206. Silver contracts saw a sharper fall, with September contracts on MCX declining nearly 1% to ₹40,830 per kg. In global markets, gold prices fell to two-week lows after US Fed last night tampered market expectations of a lengthy easing cycle even though it cut rates by 25 basis points as expected.
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