Gold and silver prices continue to fluctuate. On Friday, the last trading day of the week, gold prices fell on the Multi Commodity Exchange (MCX), while silver prices saw a sharp rise. During trading, gold became cheaper by more than Rs 700 per 10 grams, while the price of silver increased by more than Rs 2000 per kg. Let us know the latest prices of 22 and 24 carat gold including silver in the domestic market…
Gold became cheaper on MCX
Talking about the fall in gold prices on MCX on Friday, when this news was written at 3:30 PM, the futures price of 24 carat gold with expiry of February 5 was trading at Rs 1,33,555, with a fall of Rs 721. However, during trading it reached Rs 1,34,360 per 10 grams. It is noteworthy that the high of MCX Gold is Rs 1,35,590 per 10 grams, and currently gold is getting cheaper by Rs 2035 from this high level.
Silver continues to rise
Apart from gold, silver prices also saw a strong rise on MCX on Friday. Silver, which was already trading at Rs 2 lakh per kg, has become even more expensive. Till the time of writing the news, the futures price of silver with expiry of March 5 was trading at Rs 2,05,582 per kg, a huge increase of Rs 2017. It went up even higher during trading, with silver price reaching Rs 2,06,280 per kg.
Gold and silver in domestic market
While gold and silver rates remained volatile on MCX, in the domestic market, prices of both the precious metals witnessed a decline in early trade. According to Indian Bullion Jewelers Association (IBJA) website IBJA.com, 24 carat gold opened lower at Rs 1,32,394 as against the previous closing price of Rs 1,32,474. Similarly, the price of 1 kg silver opened at Rs 2,00,336 compared to Thursday’s price of Rs 2,01,120. Here are the rates of gold of different purities in the domestic market:
quality gold rate
24 carat gold Rs 1,32,394/10 grams
22 carat gold Rs 1,29,220/10 grams
20 carat gold Rs 1,17,830/10 grams
18 carat gold Rs 1,07,240/10 grams
14 carat gold Rs 85,390/10 grams
Please note that the gold and silver rates updated on the IBJA website are the same across the country. However, when you buy jewellery, you also have to pay GST and making charges, which increases the final price.