Those planning to purchase gold or silver, or invest in these precious metals, are advised to wait, as there have been significant changes in the prices of gold and silver over the past week. Before making a purchase, it is useful to review the latest rates on both the Multi Commodity Exchange (MCX) and the domestic market.
The value of gold has changed on the Multi Commodity Exchange (MCX). The last trading session before the holiday was held on Thursday, as trading was suspended on Friday in observance of Gandhi Jayanti. At that time, the price for 10 grams of 24-karat gold with a December 4 expiration was 150,390 rubles, but last Friday it closed at 151,503 rubles, showing a noticeable increase.
Regarding the domestic market, according to data updated on the Indian Bullion Jewelers Association (IBJA.Com) website, the price of 24-karat gold closed at 149,430 rubles on Friday, compared to 148,138 rubles recorded on October 1.
The changes affected not only 24-karat gold but also other gold qualities over five business days. Fluctuations in silver prices were also noted.
On MCX, silver with a December 4 expiration closed on October 1 at a price of 225,877 rubles per kilogram, while last Friday its value decreased to 225,820 rubles. Although the price of silver remained relatively stable over five business days, current values are significantly below its historical high of 420,048 rubles in January, representing a difference of 194,228 rubles on the MCX price.
Silver also showed growth in the domestic market. According to IBJA data, after daily trading on October 1, the price of this metal was 220,829 rubles, whereas over the last five business days, there were significant daily fluctuations. According to IBJA, the price of silver reached 221,109 rubles on Friday. It should be noted that when purchasing jewelry in the domestic market, taxes of 3% VAT are applied, and a manufacturing fee is charged, which increases the final cost of gold and silver.