Gold, silver crash on Union Budget day: Check rates
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Gold and silver futures on MCX took a sharp hit during the Union Budget session, with prices briefly crashing before making a partial comeback.
Gold futures drop to ₹1,48,104 per 10gm
If you're tracking investments or just curious about market moves, gold futures dropped 23.3% from their peak, closing at ₹1,48,104 per 10gm.
Silver futures also slid 9% intraday to ₹2,65,652 per kg.
Even gold and silver ETFs weren't spared—some fell as much as 20%.
Analysts advise caution amid selloff
Profit-taking after all-time highs and a stronger US dollar triggered the selloff. The hike in CME margin requirements for trading gold and silver added extra pressure.
Analysts are advising caution right now but still see long-term demand supporting these metals.