Silver Becomes Rs 13,000 Cheaper in 5 Days

The fall in gold and silver prices continued this week. On the Multi Commodity Exchange (MCX), silver futures prices dropped by more than Rs 13,000 per kg in just five trading days. Gold prices also declined by more than Rs 3,000 per 10 grams.

On Friday, silver prices on MCX fell sharply by 2.04% or Rs 4,836, closing at Rs 2,32,726 per kg. Compared to last Friday’s closing price of Rs 2,46,186 per kg for the July 3 expiry contract, silver has become Rs 13,460 cheaper per kg in five days.

In the domestic market, according to the Indian Bullion Jewellers Association (IBJA), 1 kg silver closed at Rs 2,42,582 last Friday. On June 19, it fell to Rs 2,31,973 per kg, a drop of Rs 10,609 per kg.

Gold prices also fell sharply. On MCX, 10 grams of 24-carat gold dropped from Rs 1,50,528 to Rs 1,47,239, a decline of Rs 3,289 per 10 grams.

In the domestic market, 10 grams of 24-carat gold fell from Rs 1,47,800 on June 12 to Rs 1,44,970 on June 19. Other purities are also cheaper: 22-carat at Rs 1,41,490, 20-carat at Rs 1,29,020, 18-carat at Rs 1,17,430, and 14-carat at Rs 93,510 per 10 grams.