Gold-Silver Price: The price of precious metals gold and silver on the Multi Commodity Exchange (MCX) has seen a big crash on Thursday. Silver has broken down around ₹5,000 per kg in the futures market. After this crash, silver is getting cheaper by over ₹ 1.80 lakh from its all-time high level. Along with this, the price of gold has also decreased by more than ₹ 700 per 10 grams.
Crash in silver prices
The decline in silver started as soon as the futures market opened on the fourth business day of the week and the decline intensified during the day with selling.
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Wednesday’s Closing: Silver with December 4 expiry closed at ₹2,44,213 per kg on MCX.
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Thursday Price: On Thursday, silver prices fell to ₹ 2,39,302 per kg.
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One day reduction: Thus, 1 kg of silver has become cheaper by ₹ 4,911 (about 1.90%) in a single day.
₹ 1.80 lakh cheaper than the all-time high
Earlier this year, silver touched an all-time high of ₹ 4,20,048 per kg on the MCX during the last week of January for the first time. If compared to the current price, silver has become cheaper by ₹ 1,80,746 per kg from its record high.
Gold prices also fell
Not only silver but also gold prices saw a decline on Thursday:
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Wednesday’s Closing: 24 carat gold closed at ₹1,53,763 per 10 grams.
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Thursday Price: Gold prices fell by ₹ 815 to ₹ 1,52,948 per 10 grams during Thursday’s trade.
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