After a huge fall in the prices of gold and silver in the last few days, now a strong rise is being seen once again. On Monday, the first trading day of the week, gold and silver prices jumped sharply on the Multi Commodity Exchange (MCX). Silver prices rose by nearly Rs 15,000 per kg compared to their previous closing price, while gold also became costlier by Rs 3,000 in one go. However, both precious metals are still significantly cheaper than their all-time highs.
Silver created a stir in the beginning
On Monday, when trading began on MCX, the price of silver with March 5 expiry rose to Rs 2,64,885 from its previous closing price of Rs 2,49,892, making 1 kg silver costlier by Rs 14,993 in one go. However, compared to its all-time high future price, the price of silver is still quite low.
Yes, on January 29, there was a sharp rise in the price of silver, which crossed the historical level of Rs 4 lakh for the first time and reached Rs 4,20,048 per kg. After that, it declined sharply and touched Rs 2.25 lakh. However, now bullishness is being seen again, but even after this recent surge, silver is still cheaper by Rs 1,55,163 from its all-time high.
Gold also gained momentum
Like silver, the price of gold also saw a huge jump on Monday. On MCX, the rate of 10 grams of 24-carat gold with expiry of April 2 increased from Friday’s closing price of Rs 1,55,451 to Rs 1,58,500 in the opening, i.e. gold became costlier by Rs 3,049. At the same time, the price of gold is much lower than its all-time high and is available at a discount of Rs 34,596.
Silver prices fell in both domestic and international markets
Not only did silver prices fall sharply after reaching their highest level in the Indian domestic market and Multi Commodity Exchange, but it also fell sharply in the global market. In the international market, by Thursday last week, spot silver had fallen nearly 20% in a single day and was down nearly 40% from its all-time high. It had fallen from $120 an ounce to $64 an ounce (about 28 grams) last month.