Gold and silver prices drop in early trading on MCX, profit discussion on record height

Mumbai, October 9 (IANS). Gold and silver prices fell on the Multi Commodity Exchange (MCX) on Thursday, as investors discussed profits after both metal record highs in the previous session. At about 9:15 am, MCX Gold futures were 0.34 percent lower at Rs 1,22,789 per 10 grams, while MCX Silver futures were 0.75 percent lower by Rs 1,48,738 per kg. In Wednesday’s session, Gold Futures for December delivery touched a high of Rs 1,23,450 per 10 grams and silver hit a new high of Rs 1.50,282 per kg. Gold prices have had a sharp rise this year, with domestic prices rising by more than 50 percent so far. Gold prices have increased due to global political and economic uncertainties, expectations of interest rate cuts by the US Federal Reserve, a poor US dollar, strong buying of the central bank and strong inflows into gold -traded funds. Experts believe that, despite a few short -term fluctuations and profit discussion, gold prices will rise in the coming months. He expects gold to cross Rs 1.25,000 per 10 grams by the end of 2025 over expectations of interest rate cuts and concerns about US trading rates. According to market experts, “By the end of the year, gold on MCX can reach Rs 1.25,000 to Rs 1.28,000 per 10 grams, while silver can reach Rs 1,55,000 to Rs 1.60,000 per kg, provided the US federal reserve rates remain once or twice and the dollar remains under pressure.” “Gold has risen more than $ 4,000 a gram, 53 percent higher than last year, as investors have sought safe ports amid the government’s downtime and policy uncertainty,” analysts said. The dollar index touched 98.90 due to political instability in France and Japan, which is under pressure. According to experts, oil fell by 0.67 percent to $ 62.13 a barrel after Donald Trump announced that progress with the ceasefire was higher than expected. -—IANS SKT/