Gold Prices Today Record Highest Monthly Drop in Four Years, Silver Too Becomes Cheap

Gold Price, Silver Price Today: Gold prices today slipped its worst in four years in the global market as hopes for a coronavirus vaccine-led economic revival continued to grow. Spot gold dropped 1.2 per cent to $1,766.26 per ounce, taking the monthly worth for gold down about 6 per cent. This is the biggest monthly decline since November 2016. Meanwhile, in India, commodity exchange MCX is closed on Monday for the morning session on the occasion of Guru Nanak Jayanti. Also Read – Gold Price Crashes by Rs 1,000 Per 10 Gms Minutes After Pfizer Breaks COVID-19 Vaccine News

Silver rates too tumbled 3.2 per cent to $21.96 per ounce, while the rate for platinum slipped 0.9 per cent to $954.64 in the global markets. Trading in India will start at 5 PM today. Also Read – Gold Prices Today, 14th September 2020: Yellow Metal Rates Drops Slightly to Rs 52,465 Per 10 gm, Silver Climbs by Rs 222

Speculations are rife that gold price in India may fall below its previous rate of Rs 40,000 per 10 gram in the next four months as prices continued to fall rapidly over the past week, tracking weak global cues. Also Read – Gold Price Today, 09 September 2020: Yellow Metal Rates Slip to Rs 51,140 Per 10 gm | Check Out Rates in Major Cities Here

After a brief surge during Dhanteras and Diwali earlier this month, gold prices recorded the highest drop in November as it fell by over Rs 3,000.

On Friday, gold futures fell 0.85 per cent on MCX settling at Rs 48,106 per 10 gram while silver futures dropped 1.3 per cent to Rs 59,100 per kg. Gold prices in India plummeted by about Rs 8,000 from its record high price of Rs 56,200 in August.

Silver price also declined marginally to Rs 59,250 per kg. Its closing price in the previous session was Rs 59,286 per kg.

With the coronavirus cases dropping amid development on the vaccine front and the economy slowly reviving, gold and silver prices are expected to continue on a downward path for the upcoming months.