After a rise in the prices of gold and silver in the last two days, a sudden decline has been seen once again. The prices of both precious metals fell sharply as soon as they opened on the Multi Commodity Exchange (MCX) on Thursday. Silver futures prices on MCX fell by Rs 24,000 per kg in one go, while gold prices also suddenly fell by more than Rs 4,500, making it cheaper.
Another big fall in silver prices
First of all, let’s talk about the big fall in silver prices on Thursday. On MCX, the price of 1 kg silver with expiry of March 5 closed at Rs 2,68,850 on the previous trading day. When futures trading started, it suddenly fell to Rs 2,44,654 per kg. According to this, silver became cheaper by Rs 24,196.
How cheap is silver now compared to its highest price?
Late last month, on January 29, the price of silver rose to an all-time high of Rs 4 lakh per kg, hitting a new lifetime high of Rs 4,20,048. However, since then silver prices had started falling, which seemed to be stopping after the budget. But after a break of just two days, it has fallen sharply again. Compared to its highest price, futures silver is currently getting cheaper by Rs 1,75,394.
Gold is also trending like silver
Now, let’s talk about the fall in gold prices. Like silver, it also fell sharply as it opened on Thursday. On the previous trading day, the price of 10 grams of 24-carat gold with April 2 expiry had closed at ₹1,53,046, and on Thursday it opened lower at ₹1,48,455 per 10 grams. This is a reduction of ₹4,591 per 10 grams.
Gold is now much cheaper than its highest price
Like silver, gold prices had also hit their all-time high on January 29, rising to ₹1,93,096 per 10 grams. From there it declined rapidly and steadily, which continued till the day after the budget announcement. The rally seen in the last two days ended on Thursday, and if we compare the current price with the all-time high, gold is now ₹44,641 cheaper.