There was a falling trend in the prices of gold and silver for the last few days, but this trend reversed on Tuesday. As soon as futures trading started on MCX, gold and silver prices rose sharply. Silver, which had fallen to ₹2.25 lakh per kg on Monday, rose by more than ₹21,000 in a single day compared to its previous closing price. The price of gold also increased significantly, and it became costlier by more than ₹5,000 at the opening.
Silver prices rise again
On Tuesday, the second trading day of the week, silver futures for March 5 expiry witnessed a sharp rise on the Multi Commodity Exchange. The price of 1 kg silver increased by more than ₹21,000 in one go compared to its previous closing price. On Monday, the price of silver on MCX stood at ₹2,36,261, and on Tuesday it opened at ₹2,57,480 per kg.
Despite the surge, silver is still significantly cheaper than its highs
Despite Tuesday’s sharp rise, silver futures prices are still well below their all-time highs. It is worth noting that on January 29, the price of silver on MCX created history by crossing the ₹4 lakh per kg mark for the first time, and it reached a high of ₹4,30,048 per kg. Even after this surge, silver is still cheaper by ₹1,62,568 from that peak.
Tremendous increase in the rate of gold also
Apart from silver, the price of gold also increased. Gold rates on MCX rose to ₹1,49,485 in early trading from Monday’s closing price of ₹1,43,991 per 10 grams. This means the price of 10 grams of 24-carat gold increased by ₹5,494.
Compared to its all-time high, gold is also quite cheap right now. On the Multi Commodity Exchange, the highest rate of gold with April 2 expiry was ₹1,93,096, reached on January 29, matching the movement of silver prices. Since then, it has been falling continuously just like silver. Even after the sudden rally on Tuesday, it is still trading below that peak level at Rs 43,611.
