A sudden halt in the rise of gold and silver prices is being observed. On the Multi Commodity Exchange (MCX), both precious metals became significantly cheaper immediately after the market opened.
The silver futures price, which had shown rapid growth over the past twelve days, dropped on Thursday to 2,35 thousand rubles per kilogram. Simultaneously, the price of 24-carat gold decreased to approximately 1,53 thousand rubles per 10 grams.
An analysis of the silver price on MCX shows that immediately after the start of futures trading, the price calculated for the September 4 expiration fell from 2,35,657 rubles per kilogram. On the previous business day, Wednesday, the price of this metal closed at 2,37,835 rubles. Thus, at the opening of trading, the price of 1 kg of silver decreased by 2,178 rubles.
Since the beginning of August, there has been a continuous rise in silver prices, and it has become more expensive every day. On the last trading day of July on MCX, the price of silver was 2,17,198 rubles per kilogram. By Wednesday, August 12, this price increased by 20,637 rubles per kilogram.
The historical maximum price for silver was reached on January 29 of this year, when the metal reached the level of 4 lakh rubles per kilogram, and then rose to the mark of 4,20,048 rubles. However, after reaching this peak, the price of silver began to steadily fall. Compared to the current price, silver is still 1,84,391 rubles cheaper than its maximum.
Not only did silver show a drop in prices on Thursday, but the gold futures price also adjusted immediately after opening. On MCX, the price of 24-carat gold with an October 5 expiration was 1,53,849 rubles, whereas on the previous business day, it closed at 1,54,882 rubles. This means that gold became cheaper by 1,033 rubles per 10 grams.
In August, the price of gold followed the movement of silver, showing significant growth. On July 31, the price of 10 grams of 24-carat gold was 1,43,376 rubles. Thanks to a sharp jump in the first twelve days of the month, the price rose to 1,54,882 rubles, which represents an increase of 11,506 rubles per 10 grams during this period.
