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Knews Desk- A big fall has been recorded in the prices of gold and silver today, due to which there is a stir among investors and people associated with the market. There has been a sharp decline in the prices of both precious metals on Multi Commodity Exchange (MCX). Gold fell by more than Rs 3000 per 10 grams, while silver fell by almost Rs 17,000 per kilogram.

Market fluctuations had started in the morning session itself. By around 11 am, the price of silver had fallen by Rs 13,667 per kg to Rs 2,77,435 per kg. At the same time, in the gold contract expiring on June 5, gold fell by Rs 2,858 per 10 grams to Rs 1,59,120. After this, the trend of decline became more rapid and within a short time, gold fell by more than Rs 3000, while silver fell by more than Rs 17 thousand.

Earlier, sharp fluctuations were seen in the market after the government changed the import duty on gold and silver. On May 13, gold prices had risen by almost Rs 11,000 in a single day, while silver prices had also crossed the Rs 3 lakh per kg mark. However, after this on May 14, the market remained unstable and prices kept going up and down. As soon as the market opened on May 15, there was a sharp decline in both the metals, which caused a big shock to the investors. Experts believe that fluctuations in the international market, policy changes and profit booking could be the main reasons for this decline.

At the same time, its effect was clearly visible in the retail market also. According to data from Bullion.com, the price of gold fell by about Rs 2,820 per 10 grams to Rs 1,59,830, while silver became cheaper by Rs 16,780 to Rs 2,74,980 per kg. A decline in the prices of gold and silver has also been recorded in all the major cities of the country.

Market experts say that further fluctuations in prices may be seen in the coming days, hence investors are being advised to exercise caution.