A decline in the price of gold and silver is being observed. Prices for both precious metals have sharply fallen on the Multi Commodity Exchange (MCX).
Silver has significantly decreased, becoming more than 1.83 lakh rupees cheaper than its historical high, reaching a level of 2.36 lakh rupees per kilogram. Meanwhile, the price of gold has decreased by 6000 rupees over the last five trading days.
An analysis of silver price changes on MCX shows that on August 21, the price closed at 2,46,597 rupees per kilogram. Over the past week, silver has shown a rapid decline, with it plummeting by more than 4000 rupees on Friday. Thus, over five days, the cost of one kilogram of silver has decreased by 9,946 rupees.
As a result of the weekly slump, the price of silver has fallen even further below its record level. It is worth noting that at the end of January this year, the price of 1 kg of silver first exceeded the 4 lakh rupee mark, reaching 4,20,048 rupees per kilogram. However, a major crash followed, and the current drop allows purchasing silver 1,83,397 rupees cheaper than the previous peak.
In addition to silver, there is a fall in the price of the precious yellow metal on MCX. On August 21, the price of 24-carat gold on MCX was 1,62,438 rupees per 10 grams, but on this Friday, it fell to 1,56,400 rupees. Consequently, over five trading days, gold has become 6038 rupees cheaper per 10 grams.
The sharp decrease in gold and silver prices has been recorded not only on MCX but also in the domestic market. According to data updated on the Indian Bullion Jewelers Association (IBJA.Com) website, the price of 10 grams of 24-carat gold has decreased from 1,60,620 rupees to 1,59,578 rupees, which is a drop of 1042 rupees. At the same time, in the domestic market, the price of silver has decreased from 2,46,630 rupees to 2,43,892 rupees, representing a loss of 2.738 rupees per kilogram.
Regarding other grades of gold, 24-carat gold currently costs 1,59,578 rupees per 10 grams. The price of 22-carat gold is 1,55,750 rupees per 10 grams, and 20-carat gold is available for 1,42,020 rupees per 10 grams. 18-carat gold is also available for 1,29,260 rupees per 10 grams, and 14-carat gold is available for 1,02,930 rupees per 10 grams.
