Silver Price: The prices of gold and silver are fluctuating continuously. Spot silver prices are currently around ₹1,55,000 per kilogram, including GST. Gold and silver prices have declined after Diwali. Experts believe that the festive season saw strong sales during Dhanteras and Diwali.
While the international market saw a record 12-year low, the domestic market has seen a sharp decline. This decline was due to selling in the global market on October 21st and reduced purchasing after Diwali and Dhanteras. Gold futures with December 25th expiry fell by more than 2%, reaching $4,021.91 during the day.
What is the gold rate on MCX and IBJA?
On October 22nd, 24-carat gold on the Multi Commodity Exchange fell by 6%, registering a decline of more than ₹7,500 per 10 grams. Gold closed at ₹1,21,857, while the price on the India Bullion and Jewellers Association (IBU) reached ₹1,23,907. Meanwhile, gold prices improved on October 23rd. MCX saw a rise of ₹1,855, representing a gain of 1.52%. Furthermore, the price of 24-carat gold reached ₹1,23,712 per 10 grams.
Why did gold and silver prices fall?
Demand for gold and silver increased significantly during Diwali and Dhanteras. However, after the festival ended, demand decreased, leading to a decline in gold and silver prices.
After reaching record highs, investors sold gold and silver to book profits.
On October 21st, gold fell by 6% and silver by 7% in the global market. On October 22nd, gold fell by 6% and silver by more than 4%.
Experts predict that gold will remain the best asset in 2025. It has delivered returns of up to 56% since the beginning of the year. It is anticipated that gold and silver prices may decline further in the coming days.