A collapse in the prices of gold and silver is observed in the market. For the second consecutive day, both precious metals became cheaper on the Multi Commodity Exchange (MCX).
Silver showed a significant drop, losing over 8000 rupees per kilogram, and is now more than 1.94 lakh rupees below its historical high. Meanwhile, the price of gold also decreased, falling by approximately 2000 rupees per 10 grams on Wednesday.
Looking at the decline in silver prices, it is clear that the MCX Silver Price contract expiring on September 4 fell to 2,25,666 rupees per kilogram at the start of trading on Wednesday. In the previous business day, the price closed at 2,29,549 rupees per kilogram, indicating a sharp drop of 3883 rupees per 1 kg of silver.
The fall in silver prices continues for the second consecutive day. According to data, on the last business day of August, the silver contract price was 2,33,841 rupees per kilogram; comparing this with Wednesday's price shows that silver has become cheaper by 8,175 rupees per kilogram over two trading days.
After a major slump on the third business day of MCX Silver Price, silver became even more affordable compared to its historical high. In January of this year, the price of silver reached a record level, exceeding 4 lakh rupees and setting a high of 4,20,048 rupees. However, this was followed by a continuous decline, and as a result of the recent decrease, this precious metal is now selling for 1,94,382 rupees less than its highest level.
The decline was not limited to silver; the precious yellow metal, gold, is also showing a steady fall. The price of gold on MCX with an expiry of October 5 closed at 1,51,729 rupees per 10 grams on the previous business day, but on Wednesday, after opening, it fell to 1,49,827 rupees. Thus, gold became cheaper by 1,902 rupees per 10 grams in one trading day.
Analyzing the changes in gold prices over two trading days, it is evident that the 24-carat gold rate per 10 grams has significantly decreased. On the last business day, August 31, the gold price on MCX was 1,54,460 rupees per 10 grams, and comparing this with Wednesday's price of 1,49,827 rupees shows that gold has become cheaper by 4,633 rupees.
