The trend of falling prices for gold and silver continues. Prices for precious metals, which sharply dropped on Monday, continued to decline on Tuesday.
On the Multi Commodity Exchange (MCX), the price of silver fell by more than 3300 rupees per kilogram, after which silver became cheaper than its historical high by more than 200 thousand rupees. Gold also showed a decrease in value.
The latest quotes for 20-, 22-, and 24-carat gold are being considered on both the futures and domestic markets.
Regarding the futures price of silver, the contract expiring on December 4 closed at 2,22,877 rupees on Monday after daily trading. On Tuesday, after an initial rise, the price suddenly dropped to 2,21,783 rupees, representing a fall of 3319 rupees per kilogram.
Following this drop on MCX, silver became significantly cheaper than its peak level. In January of this year, the MCX Silver Price reached 4,20,048 rupees per kilogram; comparing this with the current price shows that silver is available for 2,00,490 rupees less.
Additionally, changes were observed in gold futures prices on MCX. Although the rate of decline for this yellow metal was not as sharp as that of silver, the gold contract expiring on December 4 closed at 1,49,543 rupees on the previous business day. On Tuesday, the price fell to 1,48,550 rupees, which is a decrease of 993 rupees.
In addition to the futures market, changes also occurred in the domestic market, where precious metals also became cheaper. 24-carat gold decreased from 1,48,061 rupees on Monday to 1,47,617 rupees per 10 grams. As for silver, its price dropped from 2,20,295 rupees per kilogram to 2,19,038 rupees.
According to data updated on the Indian Bullion Jewelers Association (IBJA.Com) website, current prices for various grades of gold can be viewed. However, it should be noted that although IBJA publishes uniform prices across the country, when purchasing jewelry in a store, 3% GST and manufacturing charges must be added, which can vary in different cities, increasing the final cost of the metal.