Silver Price Update – Gold and silver prices had surged in the bullion market. It seemed that prices would reach beyond consumers’ budgets. However, in the last week, silver prices brought relief to ordinary consumers. The relief wasn’t nominal, but rather amounted to several thousand rupees. In just one week, or seven days, silver prices fell by ₹20,000, bringing smiles to customers’ faces.
Silver prices have plummeted in the domestic market, along with MCX. Silver once surpassed ₹1.70 lakh per kg. However, it has now become significantly cheaper. Several major reasons are being cited for the price drop.
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Silver has become significantly cheaper on MCX.
While gold prices are steadily falling in the bullion market, the price of the precious metal silver seems to be falling significantly. On October 16th, the price of silver on MCX was recorded at ₹1,67,663 per kg. As of last Friday, the silver futures rate on MCX fell to ₹1,47,150 per kg.
This means that silver prices have fallen by ₹20,513 per kg. This is considered a significant decline in the domestic market. According to IBJA.com, the price of silver was recorded at ₹1,68,083 per kg on October 16th.
Furthermore, on Friday, the last trading day of the week, the price fell to ₹1,47,033 per kg, representing a drop of ₹21,050. This decline in the domestic market indicates an increase in sales.
Learn why silver is falling.
For information, several reasons are considered to be behind the decline in silver prices in the Indian bullion market. The primary reason is the decline in demand after the Diwali and Dhanteras festivals. This is putting pressure on prices.
Secondly, after reaching its first high, silver prices have fallen significantly due to profit-booking by investors. Thirdly, the strengthening of the US dollar is also being considered a reason.