Gold and silver prices witnessed a sharp decline last week, bringing some relief to buyers. Both precious metals recorded significant losses in futures trading on the Multi Commodity Exchange (MCX) as well as in the domestic bullion market.
Silver Prices Fall Over ₹9,000 on MCX
Silver futures witnessed a major decline during the five trading sessions. The December 4 silver contract, which closed at ₹2,34,696 per kg on September 25, fell to ₹2,25,545 per kg by last Friday.
This represents a decline of ₹9,151 per kg in just five trading days.
Silver is also trading significantly below its record high. The metal had touched ₹4,20,048 per kg in January. Compared with the latest closing price, silver is now ₹1,94,503 per kg below that peak.
Domestic Silver Prices Also Decline
According to data from the Indian Bullion Jewellers Association (IBJA), silver prices in the domestic market fell from ₹2,32,350 per kg to ₹2,20,829 per kg during the same five-day period.
This marks a decline of ₹11,521 per kg.
Gold Prices Also Witness Correction
Gold prices also declined on MCX. The December 4 contract for 24-carat gold fell from ₹1,53,277 per 10 grams on September 25 to ₹1,50,250 per 10 grams last Friday, recording a fall of ₹3,027.
In the domestic market, gold prices dropped from ₹1,52,113 to ₹1,48,138 per 10 grams, making the precious metal ₹3,975 cheaper in five trading days.
Jewellery Prices May Remain Higher
IBJA benchmark rates are uniform across India. However, consumers buying jewellery from retail stores also have to pay 3% GST and making charges, which increase the final purchase price.