Gold, silver prices fall sharply today: Check latest rates on September 28 | Stock market update
PTC Web Desk: Gold and silver prices fell sharply on Monday with both precious metals becoming cheaper in the domestic market. According to the India Bullion and Jewellers Association (IBJA), the price of 10 gram of 24-carat gold fell by Rs 4,065 to around Rs 1.48 lakh. Silver also saw a steep fall. The price of 1 kg of silver dropped by Rs 9,158 to around Rs 2.23 lakh.
Gold falls Rs 8,000 in September
Gold prices have declined by around Rs 8,000 so far this month. On August 31, 24-carat gold was priced at about Rs 1.56 lakh per 10 gram. It has now come down to around Rs 1.48 lakh.
Silver has also seen a major correction during September. Its price has fallen by nearly Rs 14,000 per kg, from around Rs 2.37 lakh on August 31 to Rs 2.23 lakh now.
Will gold and silver prices fall further?
Experts expect prices to remain volatile in the near term. Changes in US interest rates, global tensions and economic uncertainty can influence demand for gold and silve
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The Indian stock market extended its losing streak on Monday, with the benchmark indices falling sharply amid heavy selling pressure.
The Sensex dropped 1,124 points, or 1.52%, to close at 72,772, while the Nifty fell 360 points, or 1.56%, ending the session at 22,780.
The decline came as investors remained cautious amid rising global tensions, higher crude oil prices and increasing US bond yields.
Investors lose over Rs 7 lakh crore
The sharp fall in equities wiped out more than Rs 7 lakh crore in investor wealth during the session.
The combined market capitalisation of companies listed on the BSE was around Rs 482 lakh crore at Friday's close. It fell to nearly Rs 475 lakh crore on Monday.
The market has now recorded losses for the eighth consecutive week, reflecting continued pressure on Indian equities.
Three major reasons behind the market fall
Growing uncertainty in global markets is weighing on investor sentiment. There are still concerns over the possibility of an early agreement between the US and Iran, while tensions between Russia and Ukraine have also increased.
Continued geopolitical uncertainty is making investors more cautious about taking fresh positions in equities.
Secondly, crude oil prices have once again moved above $105 a barrel, adding to concerns for oil-importing countries such as India. The ongoing uncertainty around the Strait of Hormuz, a key route for global oil supplies, has kept Brent crude prices around the $105-$106 per barrel range.
Thirdly, the 10-year US Treasury yield has risen to 5.11%, its highest level since 2007, according to the figures cited in the market assessment.
Bond yield refers to the return an investor earns from holding a government bond. It is influenced by market demand and supply rather than being directly fixed by a single institution. When investors sell bonds, their prices generally fall, causing yields to rise. US Federal Reserve interest-rate decisions and inflation expectations are among the key factors that influence Treasury yields.
- PTC NEWS
