This year, there has been tremendous fluctuation in the prices of gold and silver. Sometimes prices reached new highs, and sometimes they fell drastically. In December, which is the last month of the year, prices are once again increasing rapidly since the beginning. Especially silver has started breaking records again. On Wednesday, as soon as trading resumed on the Multi Commodity Exchange (MCX), silver prices rose by over Rs 2700 to hit a new all-time high of Rs 1,90,799. An increase in gold prices has also been seen.
Silver around Rs 2 lakh
In the last two trading days of this week alone, the price of silver has increased by about Rs 10,000 per kg. On Wednesday, which was the third trading day of the week, when trading started on MCX, the silver rate opened at Rs 1,88,959, which was higher than its previous closing price of Rs 1,88,064. After this, its pace increased further, and within a few minutes it rose by Rs 2735 to reach a new high of Rs 1,90,799.
What about gold prices?
Talking about gold prices, they are still much cheaper than their high levels. Yes, after the rise of the last few days, on Wednesday, the futures price of gold with expiry of February 5 reached Rs 1,30,502 per 10 grams. Compared to its high of Rs 1,34,024, gold is still cheaper by Rs 3522 per 10 grams.
Silver expensive, gold cheap in domestic market
After MCX, let’s talk about gold and silver rates in the domestic market. According to IBJA.com, the website of the Indian Bullion Jewelers Association, gold has become cheaper by Rs 683 in just two days this week. On the last trading day, its closing price was Rs 1,78,893 per kg. Talking about the rate of gold, its price softened this week, the price of 24-carat gold fell from Rs 1,28,592 per 10 grams on Friday to Rs 1,27,974 on Tuesday evening. This shows a reduction of Rs 618 per 10 grams. It is worth noting that the gold and silver rates updated on the IBJA website are the same across the country, but when buying jewellery, customers have to pay 3% GST along with the making charges, which vary. These additional charges increase the final price of these precious metals.
Expected to cross Rs 2 lakh
Last week, a report by Kedia Advisory said that silver may soon cross the Rs 2 lakh per kg mark. Now it has come very close to this target. The consultancy firm attributed the sharp rise to weak US macroeconomic data, rising expectations of interest rate cuts by the US Federal Reserve and a decline in global reserves.
