Those planning to purchase or invest in gold and silver should pay attention to the price changes that occurred this month. Over the last seven trading days, the price of silver on the commodity exchange has risen significantly, and gold has also shown rapid growth.
Unstoppable rise of silver
During seven working days in August, there was a significant change in the price of silver on the MCX. On July 31, the price for 1 kg of silver was 217,198 rubles, but since the beginning of this month, it has shown explosive growth. As early as Tuesday, the MCX Silver Price reached 241,999 rubles per kilogram, which represents an increase of 24,801 rubles over 7 days.
During the previous day's trading, with an expiration date of September 4, the silver price closed at 236,967 rubles. As soon as trading started on Tuesday, the precious metal sharply increased by 5,032 rubles, exceeding the 2.41 lakh ruble mark. Despite the recent sharp jump, silver is still available significantly cheaper than its historical high; the maximum price on the MCX was recorded on January 29 at 420,048 rubles, and it is currently 178,049 rubles cheaper.
Gold also accelerated
The growth is not only observed in silver but also in gold on the commodity exchange. On Monday, at the end of futures trading, the price of 24-carat gold per 10 grams was 153,099 rubles. On Tuesday, when trading opened, this precious yellow metal rose to 155,437 rubles per 10 grams, corresponding to an increase of 2,338 rubles since the opening.
Change in gold price over 7 days
An analysis of the change in gold price over seven working days in August shows that it is growing parallel to silver. If the MCX Gold Rate was 143,376 rubles on July 31, comparing it with the price at the start of trading on Tuesday, which was 155,437 rubles, shows that gold with an expiration date of October 5 has increased by 12,061 rubles per 10 grams.
