Gold and silver buyers have received some relief ahead of Dhanteras and the upcoming wedding season, as precious metal prices witnessed a significant decline on the Multi Commodity Exchange (MCX).
Silver prices dropped by Rs 3,623 per kg to Rs 1,79,932, while 24-carat gold became cheaper by Rs 1,250 per 10 grams, trading at Rs 1,38,972. The decline has brought some relief to customers planning to purchase gold and silver during the festive season.
What Are the Latest Gold and Silver Prices?
According to MCX data, silver was trading at Rs 1,79,932 per kg, while 24-carat gold stood at Rs 1,38,972 per 10 grams. However, these prices are subject to market fluctuations.
Customers should also remember that the final jewellery price includes additional charges such as GST, local taxes and making charges.
Prices Drop Significantly From Record Highs
Gold and silver prices have fallen considerably from their record levels this year. Gold had touched an all-time high of Rs 1,93,096 on January 29 on MCX. Since then, its price has declined by Rs 54,124.
Similarly, silver had reached a record high of Rs 4,20,048 per kg. It has now dropped by Rs 2,40,116 from that level.
Why Are Gold and Silver Prices Falling?
Several global factors are contributing to the decline in precious metal prices.
Hopes of positive outcomes from peace talks between the United States and Iran have pushed crude oil prices lower, reducing concerns over global inflation. This has also affected gold prices.
Meanwhile, the prolonged conflict in the Middle East had earlier increased energy prices and inflation concerns. Expectations of higher interest rates by central banks have also put pressure on gold, which does not offer interest income.
Another factor is selling pressure in the stock market. Following losses in AI-related stocks, some investors reportedly sold gold holdings to cover their losses.
The decline in gold and silver prices ahead of Dhanteras could offer a welcome opportunity for festive and wedding-season buyers.