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Gold & Silver Prices Plummet: Relief for Buyers
13 Jul
Summary
- Silver futures plunged over Rs 14,000 per kg last week.
- Gold prices also dropped by Rs 3,898 per 10 grams.
- Prices remain below record highs set earlier this year.
Precious metal prices experienced a notable downturn last week, bringing welcome relief to buyers. Silver futures for September expiry on the MCX saw a dramatic fall, dropping from Rs 2,37,410 per kg to Rs 2,22,680 per kg, a decrease of Rs 14,730 per kg within five trading sessions.
Gold prices also followed suit, with MCX futures declining from Rs 1,47,378 per 10 grams to Rs 1,43,480 per 10 grams. This represents a fall of Rs 3,898 per 10 grams. In the domestic market, 24-carat gold became cheaper by Rs 2,976 per 10 grams, with rates moving from Rs 1,46,344 to Rs 1,43,368.
These significant price drops have brought both gold and silver prices down from their lifetime highs recorded earlier this year. Silver had previously crossed the Rs 4 lakh per kg mark, reaching around Rs 4.20 lakh, while gold futures had touched nearly Rs 2.02 lakh per 10 grams. It is important for buyers to note that jewellery prices include additional charges beyond market rates.
