Amid rising tensions in the Middle East, gold prices have fallen by ₹11,000 in just a week. At the same time, a fall of more than ₹ 28,000 has been recorded in the prices of silver. According to IBJA, silver is currently selling at ₹2.32 lakh per kg, while gold is priced at ₹1.47 lakh per 10 grams. On commodity exchange MCX, gold closed at ₹1.44 lakh per 10 grams, while silver closed at ₹2.27 lakh per kg. Silver prices fell by nearly ₹4,000 in a single day. After knowing the updates from IBJA and MCX, let us now look at the international market – Comex. On Comex, gold was seen selling at $4,492 an ounce, down 2.47% (or $113.70), while silver was seen selling at $67.81 an ounce, down 4.78% (or $3.40). On the other hand, crude oil prices saw an increase of $2.54, and it is selling at $98.09 per barrel.
What are the gold and silver prices in your city?
Now, let’s take a look at the local jewelry markets. Here, 24-carat gold is selling at ₹1,45,970 per 10 grams; At the same time, 22-carat gold is being sold at ₹ 1,33,800 per 10 grams, and 18-carat gold is being sold at around ₹ 1,09,480 per 10 grams. In contrast, silver prices have seen a decline of ₹10,000, and silver is currently selling at ₹2,45,000 per kg.
How much have gold and silver become cheaper in a week?
Earlier on Friday, there was a lot of volatility in the precious metals market. According to IBJA (India Bullion and Jewelers Association), the price of 24-carat gold reached ₹147,218 per 10 grams on Friday, while the price of 999-purity gold stood at ₹147,889 last Thursday. This means that gold prices have fallen by ₹671 in a single day.
Talking about silver, according to IBJA, the price of 999-purity silver stood at ₹232,364 per kg on Friday—up from ₹229,873 per kg last Thursday. As a result, the price of silver increased by ₹2,491 per kg in just one day. Last Friday, 999-purity 24-carat gold was priced at ₹158,399 per 10 grams, while silver was priced at ₹260,488 per kg. This means that in the last one week, gold prices have seen a fall of over ₹11,100, while silver prices have fallen by over ₹28,100.