Silver and gold prices fell: Silver dropped by 6500 rupees in five days

On Monday, the first working day of the week, prices for gold and silver were observed to fall. The downward trend in the prices of gold and silver on the Multi Commodity Exchange (MCX), which began last week, continued, and both precious metals became cheaper.

The price of silver sharply dropped to the level of 2.36 thousand rupees per kilogram, while the price of gold also decreased, although it still exceeds 1.50 thousand rupees per 10 grams.

Looking at the change in the price of gold, on the MCX futures exchange, the price of gold with an expiration date of October 5 fell to 1,52,225 rupees per 10 grams after the market opened. Last Friday, it closed at the level of 1,52,767 rupees. Thus, 24-carat gold lost 542 rupees for 10 grams in a single trading session.

Last week, a significant drop in the price of gold was noted in the futures market, and this decline continues at the beginning of the current week. It is worth noting that on August 28, the price of this gold closed at 1,56,281 rupees, and since then, its value has decreased by 4,056 rupees over six trading days.

Not only the price of gold, but also the futures price of silver on MCX suddenly dropped significantly on Monday at the start of trading. The price of silver on MCX fell to 2,36,423 rupees per kilogram after the market opened, whereas last Friday it closed at 2,37,658 rupees. According to these data, the price of silver decreased by 1235 rupees per kg.

Following this recent decrease in the price of silver, the price of silver has become even lower compared to its maximum level. It should be mentioned that at the end of January this year, the futures price of silver reached a historical high of 4,20,048 rupees per kilogram, and now this precious metal can be purchased for 1,83,625 rupees less per kilogram.

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.