For those planning to purchase or invest in gold and silver, it is crucial to pay attention to the recent fluctuations in the prices of these precious metals. Significant changes have been observed in the prices of gold and silver over the past five trading days. Specifically, the silver futures market has become cheaper, declining from its historical high, and the retail segment has also seen a decrease in value.
The price of silver on the Multi Commodity Exchange (MCX) showed a decline. On September 18, the MCX Silver Price closed at 241,603 rupees per kilogram. During the working week, starting Monday, the price changed and ultimately ended at 235,000 rupees per kilogram. Thus, the cost of 1 kg of silver on the futures market decreased by 6,603 rupees per kilogram.
Silver on the MCX futures market continued to fall after the recent dip, becoming even more affordable compared to record levels. Previously, at the end of January, the silver futures price exceeded the 400,000 rupee mark, reaching an all-time high of 420,048 rupees per kilogram. Currently, the price is at a level that is 185,048 rupees per kilogram below this maximum.
The price decrease affected not only the MCX but also the domestic market. According to data updated on the Indian Bullion Jewelers Association (IBJA.Com) website, the price of silver, which was 236,908 rupees per kilogram on September 18, fell to 232,350 rupees by last Friday. This means that on the domestic market, silver became cheaper by 4,558 rupees per kilogram.
Changes also occurred in the price of gold on the MCX. Gold showed a significant decline on the futures market: on September 18, it closed at 154,381 rupees per 10 grams, and by last Friday, the price was 150,700 rupees. The calculation shows that over five days, the price of 24-karat gold for 10 grams decreased by 3,681 rupees.
Prices for gold also decreased in the domestic market. According to IBJA updates, the cost of 10 grams of 24-karat gold decreased by 1,614 rupees, moving from 153,727 rupees to 152,113 rupees. Additionally, the following prices were recorded: 22-karat gold costs 152,110 rupees per 10 grams, 20-karat gold is 148,460 rupees per 10 grams, 18-karat gold is 123,210 rupees per 10 grams, and 14-karat gold is 98,110 rupees per 10 grams. It should be noted that the rates updated by IBJA are uniform across the country; however, when purchasing jewelry, the customer must account for 3% GST (Gold GST) and making charges, which increases the final cost.