Weekly Gold-Silver Rates: Gold and silver prices witnessed fluctuations over the past week. If you are planning to invest in gold and silver or considering purchasing jewellery made from these metals, you should take a look at the price changes across both the MCX and the domestic market. Prices for both metals have risen over the week. According to the Indian Bullion and Jewellers Association (IBJA), the rate stood at ₹1,43,781 per 10 grams by Friday evening. Note that rates are not released on Saturdays and Sundays. Let us examine the extent of the price changes.
Significant Change in Gold Rates
On the Multi Commodity Exchange (MCX), the rate for 24-karat gold (with an August 5 expiry) increased by ₹2,160 over five trading days. The price of gold was ₹1,40,906 per 10 grams on July 17 and closed at ₹1,43,066 last Friday, up from ₹ 1,40,906.
Gold Prices in the Domestic Market
Significant price movement has been observed in the domestic market. According to the IBJA website, 24-karat gold closed at ₹1,41,159 per 10 grams on July 17, compared with ₹1,43,781 on Friday. This indicates a rise of ₹2,622.
24 Karat Gold ₹1,43,781/10 grams
22 Karat Gold ₹1,40,330/10 grams
20 Karat Gold ₹1,27,970/10 grams
18 Karat Gold ₹1,16,460/10 grams
14 Karat Gold ₹92,740/10 grams
Silver Price
By the close of futures trading on the MCX on July 17, the rate for 1 kg of silver (September 4 expiry) was recorded at ₹2,16,403, whereas it had closed at ₹2,22,301 the previous Friday. This indicates a price increase of ₹5,898 per kilogram. However, silver is still available at a price ₹2,03,645 lower than its all-time high of ₹4,20,048 per kilogram.
Silver Price in the Domestic Market
Regarding changes in silver prices in the domestic market over the past week, prices have risen sharply. According to updated rates on the Indian Bullion and Jewellers Association (IBJA) website (IBJA.Com), silver closed at ₹2,15,474 per kilogram in the domestic market on July 17. After various fluctuations, the precious metal closed at ₹2,22,721 last Friday, marking an increase of ₹7,247 per kilogram.
It should be noted that while IBJA rates remain uniform across the country, customers purchasing gold jewellery in the domestic market must pay additional GST and making charges, which can vary by state or city. These additions result in a higher final price.