Silver and gold prices fall: Silver drops by 2.43 lakh rupees from its peak, gold also declines

Changes have been observed in the prices of gold and silver in the commodity market. Gold prices have fallen, trading at the level of ₹140,400 per 10 grams, a decrease of ₹150. Conversely, silver prices have seen an increase of ₹2,426.

On MCX, the price of one kilogram of silver is ₹185,002. However, during the day's trading, the price of silver had increased by more than ₹5,000. Similarly, gold prices had also registered a surge of approximately ₹2,000.

Looking at data from the past week, on November 4, the price of gold was ₹1.43 lakh for 10 grams, whereas now it is about ₹3,000 cheaper per 10 grams. In the case of silver, its price was ₹1.87 lakh per kilogram, which has now decreased to ₹1.84 lakh per kilogram.

Fluctuations are also visible in the prices of gold and silver in the international market. Globally, the price of gold is $4,011.20 per ounce, showing a decline of 0.47 percent. On the other hand, the price of silver is up by 2 percent and is trading at $52.30 per ounce.

This change in gold and silver prices is happening due to a reduction in geopolitical tensions. According to indications, Iran and the US are moving towards a peace agreement, causing investors' attention to shift away from gold and silver towards other options. Additionally, inflation figures have emerged in the US, suggesting the possibility of another interest rate hike by the Federal Reserve.

Before making any purchase, it is necessary to consult your financial advisor regarding gold or silver.

Following a prolonged slump in the prices of gold and silver, a turning point occurred, which was a significant disappointment for those who expected further decreases in the cost of these precious metals. After a slight drop in the first two days of the current week, prices for gold and silver suddenly began to rise rapidly, and this increase continues into Thursday.

On the Multi Commodity Exchange (MCX), the price of silver reached 1.90 lakh rupees per kilogram, while the price of gold exceeded 1.45 lakh rupees.

An analysis of gold futures prices on MCX shows that at the beginning of the trading day on Thursday, the price of 10 grams of 24-carat gold with a December 4 expiry reached 1,46,109 rupees. This is significantly higher than the closing price of the previous business day on Wednesday, when it was 1,43,234 rupees, indicating an increase of 2,875 rupees for 10 grams.

Significant volatility in gold prices was also observed in early November. A major decline, known as the Gold Rate Crash, occurred in October, and a decrease was also recorded in early November. For instance, 10 grams of gold cost 1,49,036 rupees on September 30 but fell to 1,38,485 rupees on October 30, representing a loss of 10,551 rupees for 10 grams. However, since the last business day of October, the price has increased by 7,624 rupees.

In addition to gold, there was also a substantial change in silver futures prices on MCX. The price of 1 kg of silver, which dropped to 1,79,698 rupees on Tuesday, rose to 1,87,735 rupees on Wednesday due to the rally, and this growth continued on Thursday. Although this increase is not as large as the previous business day, the price of 1 kg of silver rose by 3,211 rupees, reaching 1,90,946 rupees.

Looking at the silver price rally, it can be noted that over two days, the value of silver increased by more than 11,000 rupees per kilogram. Comparing the prices on Tuesday (1,79,698) with the current ones, the price increase for 1 kg of silver with a December 4 expiry amounted to 11,248 rupees per kilogram.

Previously, in October, silver prices surprised investors holding these assets but simultaneously provided a favorable opportunity for new buyers. Throughout the month, silver prices experienced a crash. On September 30, the MCX Silver Price was 2,23,706 rupees, and on October 30, it fell to 1,79,132 rupees per kilogram, representing a drop of 44,574 rupees over the month.

There is a constant change in the prices of gold and silver. On Wednesday, fluctuations in the value of precious metals occurred again on the Multi Commodity Exchange (MCX), with the price of silver falling significantly and becoming cheaper than its previous high level. This presents a favorable opportunity for those planning to purchase silver during the holiday season.

According to MCX data, when it opened on Wednesday, December 4th, silver began trading at 177,600 rubles per kilogram. On the previous trading day, this metal commodity closed at 179,698 rubles. Thus, the cost of one kilogram of silver decreased by 2,098 rubles.

Analyzing the dynamics over the last month, from October 4th to November 4th, shows a significant drop in the price of silver. On October 4th, when trading on MCX ended, the price was 237,658 rubles per kilogram. By the start of trading on Wednesday, November 4th, silver had fallen to 177,600 rubles, which means a decrease of 60,058 rubles over this period.

If we look at the drop in the silver price relative to the historical maximum, the MCX Silver Price exceeded the 400 thousand rubles mark per kilogram for the first time at the end of January this year, reaching a peak of 420,048 rubles per kilogram. Compared to current prices, 1 kg of silver is now available 242,448 rubles cheaper than its maximum.

Additionally, updates were provided on the gold exchange rate on MCX. The price of 10 grams of 24-carat gold with an expiration date of December 4th closed at 139,452 rubles the previous day. On Wednesday, immediately after the futures trading began, this yellow metal slightly decreased to 139,177 rubles, but then showed an increase of approximately 150 rubles.

Similarly to silver, there was a change in the price of gold over the last month. On October 5th, the futures price for gold was 149,316 rubles for 10 grams, and on November 4th, it fell to 139,177 rubles, corresponding to a decrease in gold by 10,139 rubles over the month.