Silver Weekly Update: Significant fluctuations were observed in gold and silver prices over the past week. Both gold and silver prices witnessed a surge on the Multi-Commodity Exchange (MCX). Futures prices for silver changed by ₹11,000 per kilogram. Silver is currently trading at a discount of ₹1.95 lakh per kilogram compared to its all-time high. Meanwhile, gold is trading at a discount of over ₹50,000 per 10 grams relative to its peak.
According to the Indian Bullion and Jewellers Association (IBJA), by the time the market closed on Friday, the price of gold was ₹1,51,078 per 10 grams, while the price of silver was ₹255,600 per kilogram. Since the markets are closed on Saturdays and Sundays, these rates will apply on both days.
How much did gold prices change over the week?
Gold prices rose over the past week. On the MCX, the contract for 10 grams of gold with a June 5th expiry closed at ₹1,51,352 on May 1st. However, by last Friday, the price had risen to ₹1,52,589 per 10 grams. This precious yellow metal has thus become dearer by ₹1,237. Nevertheless, the price remains significantly affordable. When compared to current market rates, 10 grams of 24-carat gold is still trading at a discount of ₹50,395 per 10 grams.
How much did silver prices change?
In just five trading days, silver has become dearer by ₹11,062 per kilogram. At the close of trading on May 1st, the futures contract for silver with a July 3rd expiry closed at ₹2,50,937 per kilogram; by last Friday, it had surged to close at ₹2,61,999 per kilogram. Silver touched ₹457,328 per kilogram on January 29; since then, the price of 1 kg of silver has declined by ₹195,329.