Prices for gold and silver fell on Friday. On the commodity market (MCX), the cost of these metals dropped sharply due to ongoing tensions between the US and Iran, as well as decisions by the US Federal Reserve.
MCX Price Dynamics
On MCX, the price of gold for the future date of August 5 decreased by 800 rupees, reaching 144511 rupees per 10 grams. Similarly, the price of silver for the future date of September 4 fell by 3577 rupees, amounting to 2,22,800 rupees per kilogram. Although the drop was minor at the start of trading, it accelerated around 11 o'clock.
International Market
A decline in precious metal prices was also recorded internationally. Gold decreased by approximately 0.50 percent, trading at a price of $4.122 per ounce. Silver also lost 0.50 percent, reaching the mark of $60.445 per ounce.
Comparison with Historical Highs
According to MCX data, gold and silver previously reached record highs in January. The price of gold then was 1.93 lakh rupees per 10 grams, which represents a current discount of about 50 thousand rupees. Silver reached 4.20 lakh rupees per kilogram, and now costs 2.22 lakh rupees, representing a decrease of 1.98 lakh rupees from the peak value.
Retail Market Prices
Despite the fall in the commodity market, prices for gold and silver are rising in the jewelry market. In Delhi, the price of 24-karat gold is ₹14,4950 per 10 grams, and silver is 2.40 lakh rupees per kilogram. In Mumbai, the price of 24-karat gold is set at ₹144820 per 10 grams, and silver is ₹2,40,000 per kilogram; here silver has increased by 5000 rupees, and gold has risen by 350 rupees. In Lucknow, the price of gold is ₹14,4950 per 10 grams, and silver is ₹2,40,000 per kilogram.
Prospects for Buyers
The decrease in the cost of gold and silver may be a relief for those planning purchases for weddings. Experts advise those considering investment purchases to accumulate gold and silver in small portions, as buying precious metals during a significant downturn can be a wise strategic move.
