The gold price has decreased drastically today. Gold prices have registered a steep decline of Rs 5,000 per 10 grams in the last five days. It has dropped from Rs 44,500 per 10 gram to Rs 39,037 per 10 gram. Gold is generally strong as a safe haven during the downturn in equity markets, but due to the cash crunch in all markets due to the coronavirus outbreak, gold has seen a steep decline.
MCX Future prices have down by 1.2 percent which has led the gold price to down by 480 rupees. In the last five days, future markets have seen the steepest decline from 44,500 to 39037.
Gold prices have also been decreased in the global market. The price has come under 1500 dollars. Silver value also decreased and it has lost 1.04 percent and KG silver price has come under 35,600. Also, It has lost over 4,000 rupees per kg due to the global market downfall.
These rates were going down as Donald Trump announces the world might see Financial Crisis and after that Sensex downfall has been clearly made an impact in the global market.