Gold-Silver Price Crash: Gold and silver prices are steadily declining in the domestic market. Gold and silver prices have been falling since Dhanteras. Silver has fallen by approximately ₹27,367 per kilogram from its highest level. Gold prices are also trading at approximately ₹13,629 per ten grams, less than their peak level.
The biggest reason behind the decline in gold and silver prices in India is believed to be the meeting between Donald Trump and Xi Jinping in Busan, South Korea. Agreements were reached on several issues, including tariffs, during this meeting, which directly impacted gold and silver prices. During this period, the prices of both precious metals have again declined significantly. Gold prices fell by nearly ₹2,000 as soon as trading opened on the MCX on Thursday, the fourth day of the trading week. Silver prices, on the other hand, fell by more than ₹1,600.
Gold Price on MCX
Gold prices on MCX have been receiving significant updates. On Thursday, gold prices for the December 5th expiry fell to ₹1,18,665 per tola at the opening price. This represents a decline of ₹2,000 compared to the previous close, when it was recorded at ₹1,20,666 per kg.
Silver prices also fell sharply on MCX on Thursday. On the previous trading day, it had traded above ₹1.46 lakh. Then, when futures trading began on Thursday, this precious metal, like gold, suddenly fell by more than ₹1,600.
Silver prices fell to ₹1,44,402 per kg. Compared to its high of ₹1,70,415, the price has fallen by ₹26,013 per kg. Gold is now being bought at Rs 13,629 per 10 grams, down from its high of Rs 1,32,294.
IBJA Gold Rate
Like MCX, gold and silver prices have also declined in the Indian market. Looking at the price changes over the past 15 days of this month, according to IBJA’s website, IBJA.com, on October 15th, 24-carat gold was priced at Rs 1,26,714 per 10 grams. Even after a correction on Wednesday, it closed at Rs 1,20,628 per kg.