Gold price down silver follows what is behind the sudden fall

Gold Price Today: Gold prices witnessed a significant drop on Tuesday in both domestic and global markets. On the MCX exchange, gold futures were trading at ₹98,173 per 10 grams on Tuesday morning, down 1.22% or ₹1215.

Global Market Gold Slump

Globally, gold prices also experienced a sharp decline on Tuesday. On COMEX, gold futures were trading at $3365.10 per ounce this morning, down 0.88% or $29.90. Meanwhile, spot gold was trading at $3350.21 per ounce, down 0.55% or $18.27.

Why the Sudden Drop in Gold Prices?

Gold prices had been rising for the past few days. However, the announcement of a ceasefire between Iran and Israel by US President Donald Trump has impacted the demand for gold as a safe-haven asset. This is directly reflected in today's gold price drop. Trump stated that both Iran and Israel have agreed to a ceasefire. Following this news, gold in global markets fell to its lowest level in two weeks.

What are the Experts Saying?

The ceasefire between Iran and Israel has reduced the demand for gold as a safe-haven asset. Investors are now focusing on the Federal Reserve. With inflation in the US remaining lower than expected, the Fed may cut rates at its upcoming meeting. If this happens, gold could become more attractive to investors. Experts suggest that ₹97,900 per 10 grams is a support level for MCX gold, while resistance is seen at ₹98,600.

Silver Prices

Along with gold, domestic silver futures prices are also falling today. On the MCX exchange, silver futures opened at ₹106,502 per kilogram, down 0.24%. In early trading, it reached a low of ₹105,905 per kilogram.