Gold and silver prices continue to fall. In the last 14 trading days, barring some gains, prices of both the precious metals have declined. Gold and silver prices have fallen sharply from their highs. There has been a decline in their prices on MCX, while in the domestic market, gold is cheaper by more than ₹ 10,000 compared to the price of October 17, while silver is getting cheaper by about ₹ 21,000.
Gold fell by ₹ 10,774
On Friday, the price of gold in the domestic market also came down to ₹ 1,20,100, which is ₹ 570 less than the previous closing price. If we look at the changes in the last 14 trading days, according to the Indian Bullion Jewelers Association website IBJA.com, on the morning of October 17, the price of 10 grams of 24 carat gold was ₹ 1,30,874. Calculated accordingly, the yellow metal is now available at a discount of ₹10,774 from this high.
If we look at the change in gold prices on Multi Commodity Exchange (MCX Gold Rate), the futures price of 24 carat gold with expiry date of December 5 was ₹ 1,27,008 per 10 grams on October 17, which fell to ₹ 1,21,038 on Friday, October 7. That means, during this period, the price of 10 grams of gold has decreased by ₹ 5,970.
There has been a huge fall in silver prices
Talking about another precious metal, silver, the price of silver in the domestic market has fallen by about ₹ 21,000 per kg in 14 days. In fact, if we look at the prices on the IBGA website, the price of one kilogram of silver was ₹ 1,69,230 on the evening of October 17, which fell to ₹ 1,48,275 last Friday. As a result, silver price declined by ₹20,955.
Silver prices have also fallen on MCX and this decline is continuing. Fourteen trading days ago, its futures price had closed at ₹ 1,56,604 per kg, and now it has fallen by ₹ 8,815. Against higher gold and silver futures prices, silver fell from ₹1,70,415 to ₹22,626, while gold declined by ₹11,256.
GST + making charge in domestic market
It is noteworthy that the prices of gold and silver updated on the Indian Bullion website are the same across the country. However, when you go to buy jewelery at a jewelery store, you have to pay 3% GST and making charges, which increases the price. Also, keep in mind that whatever gold jewelery you buy, it must be hallmarked to confirm its quality.
