The trend of decreasing prices for gold and silver continues. After a significant rise at the beginning of the year, these precious metals are now seeing daily price reductions. On Wednesday, after trading began on the Multi Commodity Exchange (MCX), prices for gold and silver fell again.
Silver Price Drop
Silver is experiencing a sharp decline, which is being compared to a burst bubble. The price of silver has fallen from over 400 thousand in January to approximately 228 thousand rubles per kilogram. On MCX, the price of silver expiring on September 4 closed at 230,857 rubles on Tuesday, and opened at 228,925 rubles per kilogram on Wednesday. Over three trading days, the cost of silver decreased by 8,485 rubles, whereas last Friday the price was 237,410 rubles per 1 kg.
Gold Price Dynamics
Not only silver but also gold is showing a decrease in the futures market. Gold expiring on August 5 became cheaper by 2,578 rubles per 10 grams over three trading days. Last Friday, 10 grams of pure gold cost 147,378 rubles, and by Wednesday, the price had dropped to 144,800 rubles. Previously, gold reached an all-time high, exceeding the 200 thousand ruble mark, but since then, the price has been constantly declining, losing more than 50,000 rubles per 10 grams.
Domestic Market Situation
According to the Indian Bullion Jewelers Association (IBJA.Com) website, a decline in prices is also being recorded in the domestic market. On Tuesday, 10 grams of 24-carat gold fell from 146,344 rubles to 144,083 rubles, representing a decrease of 2,261 rubles over two days. During the same period, the price of silver decreased by 6,658 rubles per kilogram, reaching 227,200 rubles compared to 233,858 rubles last Friday.
Important Points When Buying
When purchasing jewelry made of gold and silver, it should be noted that although the updated IBJA rates are the same across the country, the final cost to buyers increases due to the addition of VAT and manufacturing fees.
