Last week saw a decline in the prices of gold and silver. On the Multi Commodity Exchange (MCX), silver lost about 5,000 rubles over the week, becoming significantly cheaper than its historical high, while the futures price of gold dropped by approximately 3,500 rubles per 10 grams.
Analyzing the changes in gold prices over the last week, it is evident that 10-gram gold with an expiration date of October 5th on MCX closed on August 28th at 156,281 rubles, and after trading last Friday, its value was 152,815 rubles. Thus, over this week, gold became cheaper by 3,466 rubles per 10 grams.
Silver also showed a significant drop. On the last trading day last Friday, the price of silver on MCX was 242,444 rubles per kilogram, whereas on September 4th, it fell to 237,500 rubles. This means that over the week, 1 kg of silver became cheaper by 4,944 rubles.
Following the price drop last week, silver became even more affordable compared to its record level. At the end of January, the futures rate for silver on MCX exceeded the 400,000 ruble mark for the first time, reaching a peak of 420,048 rubles. Considering current prices, silver is 182,548 rubles cheaper than this maximum per kilogram.
According to the Indian Bullion Jewelers Association (IBJA.Com) website, the following changes occurred in the domestic market over the week: on August 28th, the price of 24-carat gold was 159,578 rubles, and last Friday it decreased to 154,884 rubles, corresponding to a decrease of 4,694 rubles per 10 grams. The price of silver in the domestic market also decreased, falling by 8,436 rubles over the week from 243,892 rubles to 235,456 rubles.
Furthermore, besides 24-carat gold, the following prices are set in the domestic market: 22-carat gold costs 151,170 rubles per 10 grams, 20-carat gold is 137,850 rubles per 10 grams, 18-carat gold is 125,460 rubles, and 14-carat gold is sold at a price of 99,900 rubles per 10 grams.