A sudden and significant drop in the prices of gold and silver occurred in the market. On Tuesday, prices for precious metals on the Multi Commodity Exchange (MCX) initially opened with an increase, but then both metals began to fall and became significantly cheaper.
The silver futures rate sharply decreased by more than 2200 rupees per kilogram. Previously, silver closed on the previous business day, Monday, at a level of 2,39,317 rupees per kilogram with an expiry date of December 4. However, on Tuesday, after opening at 2.40 lakh rupees, it quickly lost ground and dropped to 2,37,100 rupees per kilogram, which corresponds to a decrease of 2217 rupees.
Following this decline, the price of silver continued to fall from its historical high. Silver peaked at the end of January, exceeding 4,20,048 rupees per kilogram, and is now selling 1,82,948 rupees lower than that mark.
The fall was not limited to silver; gold prices also shifted from the green zone to the red, similar to silver. 24-carat gold weighing 10 grams closed on the commodities market on Monday at 1,53,094 rupees with an expiry date of October 5. On Tuesday, it first rose to 1,53,497 rupees, but then started to fall, and by the time of writing, its price had dropped by 721 rupees to 1,52,373 rupees per kilogram.
A general decline was noted in the gold and silver market on MCX. Regarding the domestic market, according to data from the Indian Bullion Jewelers Association (IBJA.Com), the price for 10 grams of 24-carat gold was 1,53,337 rupees, and one kilogram of silver cost 2,34,992 rupees.
