Silver Price Fall: Gold and silver prices have once again seen a big drop. Gold and silver prices opened higher on the Multi Commodity Exchange (MCX) on Tuesday, but after a while the prices of both the precious metals started to fall sharply. Silver futures fell by over ₹2,200 per kg in a single blow. On the other hand, gold prices also saw a rapid decline.
Silver suddenly became cheaper by ₹2,217
Silver futures on the MCX settled at ₹2,39,317 per kg at the December 4 expiry at market close on Monday. Silver prices rose to ₹ 2.40 lakh at the opening of the market on Tuesday.
However, after a short period of trading, the price of silver started to fall suddenly. The price of 1 kg of silver fell sharply to ₹ 2,37,100. According to this, the price of silver decreased by ₹ 2,217 per kg.
How cheap is silver from lifetime high?
Silver futures fell further from their lifetime highs after Tuesday’s decline. In the last week of January, silver prices witnessed a historic surge and the price touched a record high of ₹ 4,20,048 per kg. If compared to current prices, silver has already become cheaper by ₹1,82,948 per kg from its record high level.
Big fall in gold prices too
Along with silver, gold prices have also seen a decline. Gold prices on the MCX initially opened bullish, but then it too moved from the green zone to the red zone.
10 gm 24 carat gold with October 5 expiry closed at ₹1,53,094 at the close of the commodity market on Monday. Gold prices rose to ₹1,53,497 as the market opened on Tuesday. However, after that the price of gold also started to fall. At the time of writing, gold prices had fallen by ₹ 721 to ₹ 1,52,373.
Gold-silver prices in the domestic market
Gold-silver prices have seen a decline on MCX. On the other hand, talking about the prices of gold and silver in the domestic market, according to the information available on the website of the Indian Bullion Jewelers Association (IBJA), the price of 10 grams of 24 carat gold was ₹ 1,53,337. While in the domestic market, the price of 1 kg of silver was recorded at ₹ 2,34,992. Due to the constant fluctuations in the prices of gold and silver, investors and consumers will now be watching the next price of the precious metals.