Significant fluctuations were observed in gold and silver prices on Tuesday. Both precious metals showed a decrease in activity. On the MCX exchange, the price of gold fell below 1.50 lakh rupees per 10 grams, and the cost of silver also decreased.
Silver showed changes in the futures trading segment. On MCX, silver with an expiration date of December 4 fell to 2,24,377 rupees per 1 kilogram on Tuesday. On the previous trading day, this metal commodity closed at 2,26,087 rupees, which represents a drop in the price of silver by 1710 rupees in one step.
The price decline occurred not only in the MCX futures market but also in the domestic market, where silver became cheaper. According to data from the Indian Bullion Jewelers Association (IBJA.Com), the price of 1 kg of silver was 2,24,157 rupees on Monday, and on Tuesday, it started trading at 2,20,981 rupees per kilogram.
Simultaneously with the decrease in silver prices, the yellow precious metal, gold, also became cheaper. On Tuesday, the price of 24-carat gold on MCX decreased from the previous close of 1,49,316 rupees to 1,48,701 rupees, corresponding to a decrease of 615 rupees.
Regarding the domestic market, the change in gold prices is as follows: 24-carat gold, which closed at 1,48,198 rupees the previous day, opened on Tuesday at 1,47,278 rupees. Furthermore, the following prices were recorded: 22-carat gold — 1,46,688 rupees per 10 grams, 20-carat gold — 1,34,907 rupees per 10 grams, 18-carat gold — 1,10,459 rupees per 10 grams, and 14-carat gold — 86,158 rupees per 10 grams.
It is important to note that the rates updated by IBJA in the domestic market remain the same across the country. However, when purchasing jewelry from a jeweler's shop, the buyer must account for a 3% VAT and a manufacturing fee, which may vary in different cities.