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Tezzbuzz Desk- There was a big fall in the prices of gold and silver on Friday, which created a stir in the bullion market. From the Multi Commodity Exchange (MCX) to the retail market, the prices of both the precious metals were seen falling rapidly. Especially the huge fall in silver prices surprised investors.

A fall of more than Rs 3 thousand was seen in the price of gold during morning trading on MCX. There was also a big fall in the price of silver and it became cheaper by about Rs 17 thousand per kg. Around 11 am, gold was trading down by around Rs 2500 per 10 grams, while the initial fall in silver was more than Rs 12 thousand per kg.

The decline became more rapid as the business progressed. At around 11.20 am, the price of gold contract with expiry on June 5 fell by more than Rs 3000. At the same time, the price of silver also continued to fall and a decline of more than Rs 17 thousand was recorded.

Experts believe that in recent times, after the government’s decision to increase the import duty on gold and silver, sharp fluctuations are being seen in the market. After the increase in duty on May 13, there was a huge jump in the prices of gold and silver. On that day, gold had become costlier by about Rs 11 thousand, while silver prices had crossed Rs 3 lakh per kg.

However, after this the market remained unstable and now this sudden huge fall has increased the concern of investors. Both gold and silver have become cheaper in the retail market also. According to bullion market data, gold fell by about Rs 2820 per 10 grams to reach Rs 1,59,830. Whereas the price of silver fell by Rs 16,780 and reached the level of Rs 2,74,980 per kg.

A decline in the prices of gold and silver has been recorded in the bullion market even in major cities of the country. Amidst the constantly changing prices, investors and buyers are keeping an eye on the next move of the market.