Those planning to invest in gold and silver or purchase jewelry are advised to wait. On Thursday, which is the fourth working day of the week, there was a sudden and significant change in the prices of precious metals.
Silver, which had been declining for three consecutive days, became more expensive, while the price of gold rose sharply. These changes occurred immediately after the opening of trading on the Multi Commodity Exchange (MCX).
In the futures market, gold showed a strong jump on Thursday. According to MCX Gold Rate data, 10 grams of 24-carat gold, which closed at 145,848 rupees on the previous business day, opened at 147,650 rupees. Thus, gold increased in price by 1,802 rupees in one surge.
It should be noted that at the beginning of this week, there was a downward trend in futures gold prices. On the last business day of last week, Friday, futures gold closed at 151,499 rupees, and during the first three days of the current week, it fell to 145,848 rupees, representing a decrease of 5,651 rupees for 10 grams over three days. However, this downward trend was interrupted on Thursday.
Not only did the price of gold rise, but the futures price of silver also increased on Thursday, although the rate of growth was lower than that of gold. On the previous business day, 1 kilogram of silver with an expiration date of December 4 closed trading on MCX at a price of 208,338 rupees, and upon opening, reached the mark of 209,950 rupees per kilogram.
Despite the increase in futures prices on Thursday, silver is still selling significantly cheaper than its historical high. It is worth mentioning that in the last week of January, the price of silver exceeded the 400,000 rupee mark for the first time, reaching 4,20,048 rupees on the MCX Silver Price. Compared to current prices, it is still cheaper by 210,000 rupees per kilogram.