After falling prices for four consecutive days, gold and silver finally saw a rise on Tuesday, and the trend continued on Wednesday, the third trading day. There was a huge jump in the prices of gold and silver as soon as trading started on Multi Commodity Exchange (MCX). Both the precious metals became expensive as soon as futures trading started on the exchange. While the price of 1 kg silver increased by more than Rs 15,000 compared to the previous closing price, 10 grams of 24-carat gold also suddenly became costlier by more than Rs 5,000.
Silver became so expensive in two days
First of all let’s talk about the price of silver. By February 2, the price of silver had fallen by nearly Rs 2 lakh in just four days, but after that it saw a strong recovery. Last trading day, on Tuesday, after a huge jump in the price of silver with March 5 expiry on MCX, it closed at Rs 2,68,801 per kg, and on Wednesday it opened at Rs 2,84,094. This means that it became costlier by Rs 15,293 per kg in one go. By last Monday, the price of 1 kg silver had fallen to around Rs 2.25 lakh, but the rally that started from this lower level has taken the silver price to around Rs 60,000 per kg in just two trading days.
Gold is not behind silver
Talking about the price of gold, like silver, this precious metal is also increasing rapidly after a continuous decline in the last few days. On the previous trading day, the gold rate on MCX had closed at Rs 1,53,809, and as soon as trading started in the futures commodity market on Wednesday, the rate of 10 grams of 24-carat gold jumped to Rs 1,60,755 per kg. Here it became costlier by Rs 6,946.
Gold and silver are now so cheap from their heights
Compared to their all-time highs, gold and silver are still very cheap even after the recent rally. It is worth noting that on January 29, the price of silver created history by crossing the historical level of Rs 4 lakh per kg for the first time, and it reached Rs 4,20,048. However, after reaching this level the price started falling. Even if calculated from this high level, future silver is currently available at a discount of Rs 1,35,954 per kg. Like silver, gold price also hit its new all-time high on January 29 at Rs 1,93,096 for 10 grams. Since then, the price of gold has also fallen, making it cheaper by Rs 32,341.