The Indian stock market witnessed a huge fall on Monday, but there was some surprising news for the buyers of bullion and commodity markets. Both gold and silver prices recorded historic lows on the Multi Commodity Exchange (MCX). Silver prices have fallen by ₹24,000 in the first six days of June, taking its price below ₹2.5 lakh. Gold prices also fell heavily in the initial session today. Let’s take a look at today’s prices and see how cheap they are compared to their all-time high.
**Silver price fell by more than ₹6,500 in one go; Price dropped below ₹2.5 lakh**
Silver prices continued to fall sharply on MCX on Monday. In the early session, silver futures prices fell to ₹241,990 per kg. On Friday – which was the last trading day of last week – the price closed at ₹248,537. As a result, today the price of 1 kg silver fell by ₹6,547 in one go, taking it below the psychological level of ₹2.5 lakh. Can flat buyers living in the city also avail the benefits of PM Awas Yojana? Know the rules.
**Biggest fall in silver in June; ₹24,173 fell in 6 days**
This month is proving to be a huge fall for silver. On June 1, the price of silver on MCX was ₹266,163 per kg. Between June 1 and June 8 (a period of just six trading days), silver futures prices have fallen by ₹24,173. For buyers and investors, this fall in prices will also bring down the retail prices of gold and silver jewelery significantly. Take loan through UPI! BharatPe and Yes Bank have launched a game-changing feature: Make payments even without bank balance.
1 kg of silver is available at more than ₹ 2.15 lakh less than its all-time high
Compared to its all-time high, silver is currently being sold at a much lower price. In January this year, silver had reached a historic record high of ₹4,57,328 per kg. Big savings of ₹2.15 lakh: Today silver price is ₹2,15,338 per kg lower than the January high. In other words, the price of silver has almost halved from its record high. Offline UPI Payment: Out of data or lost network connectivity? Now transfer money instantly without internet; Know the complete process via *99#.
Like silver, gold prices also declined as trading began on Monday. On MCX, gold prices (for the period ending August 5) fell by ₹2,464 per 10 grams to ₹1,53,130 today from Friday’s closing price (₹1,55,594). Since the beginning of June, 24-carat gold prices have fallen by ₹6,111. At the same time, compared to its all-time high (₹2,04,375), this yellow metal is now cheaper by ₹51,245 per 10 grams.