At the beginning of the first trading day of the week, there was a sharp decline in the prices of gold and silver on the exchange. On the Multi Commodity Exchange (MCX), the price of gold instantly dropped from over 1400 rupees per 10 grams. Simultaneously, the cost of one kilogram of silver fell below 2.25 lakh rupees, reaching a level significantly lower than its historical high.
Sharp drop in gold price
Looking at the precious yellow metal, it became clear that the price of gold on MCX fell to 1,50,056 rupees per 10 grams at the opening of trading on December 4. Meanwhile, at the end of the previous trading week, it closed at 1,51,499 rupees. According to calculations, 10 grams of 24-carat gold lost 1443 rupees in one day.
Significant decrease in silver cost
Analyzing the changes in silver futures prices after gold, it is visible that the price of silver with an expiry date of December 4 on MCX reached 2,24,326 rupees per kilogram on the first working day of the week. Previously, at the end of the last trading week, this precious metal was trading at a price of 2,25,755 rupees per kilogram. Thus, like gold, silver became more affordable for buyers, dropping by more than 1400 rupees per kilogram.
Silver is significantly cheaper than its historical high
Following this trend of weakening prices for precious metals, it is particularly noticeable that 1 kg of silver is selling significantly cheaper than its record level. At the end of January last month, the silver futures price exceeded the historical threshold of 4 lakh rupees for the first time, reaching 4,20,048 rupees. However, this was followed by a collapse in silver prices, and after the recent fall, it now stands 1,95,722 rupees lower than its peak value.
Dynamics of gold and silver prices in recent months
Over the last month and a half, there have been significant fluctuations in the prices of gold and silver. Analyzing this volatility, it can be noted that the price of 10 grams of gold on MCX, which was 1,55,484 rupees on August 31, decreased to 1,49,036 rupees by September 30. Nevertheless, thanks to the rise in October, the price traded at 1,50,056 rupees on Monday, despite the daily drop.
Silver's behavior is similar to gold's behavior
The trend in silver futures trading from August 31 to Monday, October 12, also resembled the movement of gold. On August 31, 1 kg of silver cost 2,40,121 rupees, but by September 30, its price fell by 16,415 rupees per 10 grams, reaching 2,23,706 rupees. However, on Monday, despite the sharp fall, the price traded at 2,24,326 rupees, which is higher than at the end of September.