Significant fluctuations were observed in the prices of gold and silver over the past week. Changes affected both the commodity market (MCX) and the domestic market. Therefore, for those planning to invest in precious metals or purchasing jewelry, it is crucial to know the current rates for 20, 22, and 24-karat gold, as well as the price of silver.
During this reporting period, there were only four trading days instead of the usual five. This was due to an extended holiday period that began after the weekend, as well as the celebration of Ganesha Chaturthi on Monday, September 14th, which led to a declared holiday on the markets.
On the MCX exchange, the price of gold showed rapid growth. By the close of trading on the last working day, Friday, 24-karat gold reached the mark of 154,263 rupees per 10 grams, showing a jump of 1,282 rupees. Over the four trading days, the cost of this precious metal increased from 152,784 rupees to the current level, representing an increase of 1,479 rupees.
In addition to exchange data, gold prices also rose in the domestic market. According to information published on the Indian Bullion Jewellers Association (IBJA.Com) website, on September 11th, 10 grams of 24-karat gold cost 151,938 rupees. Compared to the previous Friday, this price rose to 153,727 rupees. It should be noted that when purchasing jewelry in the domestic market, in addition to 3% GST, a making charge is also levied, which further increases the final cost.
Furthermore, prices for other gold purities have changed. According to IBJA data, on Friday, 22-karat gold closed trading at 150,040 rupees per 10 grams, 20-karat at 136,820 rupees per 10 grams, 18-karat at 124,520 rupees per 10 grams, and 14-karat gold was 99,150 rupees per 10 grams.
The rise was not only observed in gold but also in silver. Analyzing changes on the MCX Silver Rate, it can be seen that 1 kilogram of silver with an expiration date of December 4th cost 234,974 rupees on September 11th. Compared to the previous Friday, the price rose by 397 rupees, reaching 242,000 rupees per kilogram, which means an increase in the cost of silver by 7,026 rupees over four days.
Despite the strong rise, the current price of silver is still significantly below its historical high. Previously, at the end of January, the Silver Price reached the mark of 420,048 rupees, and currently, this metal is available 178,048 rupees cheaper.
Prices for silver have also increased in the domestic market. According to data updated on the IBJA website on September 11th, the price was 228,920 rupees per kilogram. Compared to the previous Friday, the price of 1 kg of silver rose to 236,908 rupees, corresponding to an increase of 7,988 rupees per kilogram in the domestic market.