Gold and silver prices fell: the cost of a kilogram of silver dropped

A significant decline was observed in the prices of both gold and silver last week. The drop affected markets from the Multi Commodity Exchange (MCX) to the domestic market.

In the futures market, silver fell by 9000 rupees, and in the domestic market—by more than 11000 rupees, making it approximately 1.94 lakh rupees cheaper than its historical high. Simultaneously, the price of 24-carat gold experienced a sharp decline.

Looking at the MCX situation, a fall in the price of silver was noted. The contract for 1 kg of silver expiring on December 4 closed at 225,545 rupees last Friday, compared to 234,696 rupees on September 25. Thus, over five trading days, the price of this precious metal substance decreased by 9,151 rupees per kilogram.

Following the major slump last week, silver became even more affordable compared to its record level. It is worth noting that at the end of January this year, the futures price for silver reached a maximum of 4,20,048 rupees. Comparing this to last Friday's closing price shows that the price of silver on MCX is now 1,94,503 rupees below this maximum per kilogram.

Moving to the domestic markets, according to data from the Indian Bullion Jewelers Association (IBJA.Com), the price of silver decreased by 11,521 rupees over five trading days, falling from 2,32,350 rupees to 2,20,829 rupees per kilogram.

Along with silver, the value of yellow metal—gold—also significantly decreased. On MCX, the price of 10 grams of 24-carat gold expiring on December 4 dropped to 1,50,250 rupees last Friday. Previously, on September 25, this figure was 1,53,277 rupees, indicating a decrease in the MCX gold price by 3,027 rupees per 10 grams.

The decline occurred not only in the futures market but also domestically. Over five trading days, the price of gold adjusted from 1,52,113 rupees to 1,48,138 rupees per 10 grams, corresponding to a reduction of 3,975 rupees. IBJA publishes prices that are uniform across the country; however, when purchasing jewelry at a retail point, one must account for 3% GST and manufacturing charges, which increases the final cost.

Throughout September, prices for gold and silver showed a decline, making precious metals more affordable. However, the beginning of October marked significant changes. On the Multi Commodity Exchange (MCX), prices for gold and silver changed substantially since the start of trading.

For instance, the price of one kilogram of silver reached 2.26 lakh rupees, and the cost of 10 grams of 24-carat gold approached 1.50 lakh rupees.

Analyzing the changes in the futures price of silver on MCX on the first day of the month shows that on the previous business day, the price for 1 kg of silver closed at 2,23,706 rupees per kilogram. As soon as futures trading began on October 1, 2026, the price jumped to 2,26,537 rupees, which means an increase in the cost of silver by 2,831 rupees.

Despite the sharp jump in silver prices at the beginning of October, this precious metal experienced strong fluctuations throughout September and generally became cheaper. This is confirmed by the fact that on August 31, the futures price for silver was 2,01,21 rupees per kilogram, and by September 30, it had decreased to 2,23,706 rupees.

Even after the rise on the first day of October, this precious metal remains significantly cheaper than its historical high. At the end of January this year, the MCX Silver Price exceeded all records, reaching 4 lakh rupees and setting a maximum of 4,20,048 rupees. Currently, silver is selling 1,93,511 rupees below this mark.

Following silver, we look at the changes in the price of gold on MCX; its value also rose, similar to the price of silver. The price of 10 grams of 24-carat gold closed on the previous business day at 1,49,036 rupees, but upon opening on Wednesday, it rose to 1,50,053 rupees. Thus, gold increased by 1,017 rupees for 10 grams.

The price of gold was also in a downtrend, despite significant fluctuations in September. It is worth noting that on the last business day of August, August 31, the futures price for 1 kg of silver was 1,55,484 rupees. And by September 30, its price was 1,49,036 rupees. Consequently, over the month, the price of gold decreased by 6,448 rupees for 10 grams.