Gold and Silver Prices Fall Sharply on MCX After Opening Higher

Gold and silver prices witnessed a sharp decline in the domestic commodity market on Tuesday, despite opening on a positive note on the Multi Commodity Exchange (MCX). Both precious metals initially gained, but prices began falling soon after trading started amid increased selling pressure.

Silver witnessed the biggest decline, with its futures price dropping by more than ₹2,200 per kilogram from the day’s high. Gold prices also moved lower during the session.

Silver Falls ₹2,217 Per Kg

Silver futures for December 4 expiry had closed at ₹2,39,317 per kg on the MCX on Monday. On Tuesday, the contract initially rose to nearly ₹2.40 lakh per kg.

However, selling pressure pushed prices lower, with silver falling to ₹2,37,100 per kg. This represented a decline of ₹2,217 per kg from the day’s high.

Silver Trades Well Below Record High

The latest decline has pushed silver futures further below their record high. Silver had touched an all-time high of ₹4,20,048 per kg during the last week of January.

Compared with the current price, silver is now trading around ₹1,82,948 per kg below its record level.

Gold Prices Also Decline

Gold also witnessed a decline on Tuesday. The October 5 expiry contract for 24-carat gold had closed at ₹1,53,094 per 10 grams on Monday.

The price initially climbed to ₹1,53,497 per 10 grams after the market opened on Tuesday. However, it later came under selling pressure.

At the time of reporting, gold was trading at around ₹1,52,373 per 10 grams, down by approximately ₹721 from the day’s high.

Domestic Gold and Silver Rates

According to data from the Indian Bullion and Jewellers Association (IBJA), the domestic market price of 24-carat gold stood at ₹1,53,337 per 10 grams. The price of silver was ₹2,34,992 per kilogram.

However, MCX futures prices may differ from actual retail prices of gold and silver in the domestic market, including jewellery prices.

Going forward, the movement of gold and silver prices is likely to remain influenced by several factors, including international market trends, movements in the US dollar, and changes in demand and supply.