MUMBAI: Gold and silver price fell sharply today on the Multi-Commodity Exchange. Looking at Diwali and Dhanteras, even though the price of gold-silver in the bullion market (Sarafa Bazar) is going up, but both bright metals are losing their lustre in futures trade.
Status on Multi Commodity Exchange
On MCX, gold prices fell by Rs 1000 per 10 grams and silver prices fell by about Rs 2000 per kg. The price of gold declined by 2 per cent and the price of which was shown to be trading near Rs 51,165 per 10 grams.
Talking about silver, by the evening, silver fell 3.31 per cent to Rs 63,174 per kg. Silver declined by nearly Rs 2000.
The festival of Dhanteras is about to come and buying gold on this day is considered auspicious. On this auspicious day, gold and silver jewellery and utensils are heavily purchased. Market experts believe that gold prices may rise marginally due to increased demand during the festival. So if someone wants to invest in gold, then this is the right time. However, some precautions should also be taken while purchasing it.