Gold falls sharply for second day, silver rates crash

Gold And Silver Price In India Today Rise | MCX Rates

The prices of Gold and silver have fallen sharply for the second consecutive day on Wednesday after traders booked profit in the precious metals. According to the Multi Commodity Exchange (MCX), the Gold October futures fell as much as 3.5 percent as of 10:05 am to Rs 50,120 per 10 gram on top 5.61 percent or about Rs. 1517.43 fall of Tuesday.

On the other side, the Silver October futures on MCX fell around 7.5 percent or Rs 5,000 per kg to Rs 61,635.

Keeping in view the spurt in incidence of snatching and vehicle theft & Burglary cases, senior officers has issued special directions and instructions to curb and detect this crime. Working on the directions of the senior officers, on 29.6.2020, acting on secret information a team of Police Station-34 Chandigarh led by SI Om Parkash alongwith police party acted promptly under the supervision of Inspector Baldev Kumar, SHO Police Station-34 Chandigarh. The team laid down naka near Dispensary Sector-45 Chandigarh and apprehended two suspects namely Suraj Singh S/o Mohinder Singh & Vinod Baswal S/o Dashrath both Resident of H. No. 228 Dhanas Chandigarh, permanent resident of Badau Uttar Pardesh. With the arrest of these accused case of Burglary has been worked Out Case FIR No. 99 dated 27.5.2020 U/s 380,411 IPC Police Station-34. The accused were produced in court and with their interrogation during police remand, Gold Ornamenents, Crdit Cards, Cheque Book have been recovered from them. The criminals have criminal history having cases of property crime registered against them. The accused are on 2 days police remand. The interrogation of theses accused is going on and many recoveries to be effected from them.

It is pertinent to mention that in the international market, the spot gold prices have suffered its biggest one-day drop in more than seven years on Tuesday. The rising US dollar price has forced the investors to reconsider their positions in gold and silver after the record-breaking price rally in 2020.

On Wednesday, the spot gold prices in the international market fell by over 3 percent while the silver spot prices fell by over 7 percent to $24 per ounce, a report stated.

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IG Markets analyst Kyle Rodda was quoted by news agency Reuters as saying. “It looks like some of the euphoria is coming out of the gold market.”

-PTC News