After a strong rally last week, gold rates saw a sudden drop on the last trading day. While gold slipped 2.64% on the MCX, silver prices fell by ₹6,940 per kg in a single day.
Gold Rate: If you’re planning to buy gold and silver, it’s crucial to take a look at the latest rates. On Friday, the last trading day of last week, gold prices crashed once again, with the MCX futures price for 10 grams of 24-carat gold falling by ₹3,351, or 2.64%. Gold prices have also fallen in the domestic market. Gold is still more than ₹8,000 cheaper than its highs. Let’s learn about the updated rates for different qualities…
Gold so cheap on MCX
First, let’s talk about the decline in gold prices on the Multi Commodity Exchange. While it saw a sharp rise last week, the gold rate fell sharply on Friday, the last trading day. Gold futures with an expiry date of December 5th opened at ₹1,21,800 and rose to ₹1,27,048 during trading. But in the end, it collapsed and closed at Rs 1,23,400 per 10 grams, taking a huge fall of Rs 3,351. It is worth noting that a day before, on November 13, it was Rs 1,26751. At the same time, gold is still getting cheaper by Rs 8,894 per 10 grams from the high of Rs 1,32,294.
Speaking of silver, last Friday, there was a silver price crash and the futures price of 1 kg silver suddenly fell by Rs 6,940 or 4.27% to Rs 1,55,530. Silver is also cheaper by Rs 14,885 per kg from its lifetime high level of Rs 1,70,415.
More than Rs 7,000 cheaper in 20 days
Regarding the change in gold prices over the past few days, 10 grams of gold closed at Rs 1,30,624 on October 20th. Excluding weekly trading holidays and market holidays, the price of gold has fallen by Rs 7,224 in 20 trading days.
Gold Rate in the Domestic Market
Regarding the decline in gold and silver prices in the domestic market, according to the Indian Bullion Jewelers Association’s website, IBJA.com, the gold rate jumped significantly in the early days of the week, but appeared to flatten on the last trading day, November 14th.
On Monday, the first trading day of the week, the 10 gram 24 Karat gold rate was Rs 1,22,441 per 10 grams, which rose sharply on Thursday to trade at Rs 1,26,554. But the very next day, on Friday, it saw a sharp decline, and the price of this quality of gold closed at Rs 1,24,794. This means that on the last day of the week, it suddenly became cheaper by Rs 1,760 per 10 grams.
The rate of 22-carat gold was Rs 1,14,311 per 10 grams, while the price of 18-carat gold fell to Rs 93,596. In the domestic market, silver also fell from Rs 1,62,730 to Rs 1,59,367 per kg in a single day.
Keep these things in mind before buying gold
When you go to a bullion shop to buy gold jewelry, keep in mind that the rates updated on the IBJA website remain the same across the country. However, when you purchase jewelry, you must pay 3% GST and a making charge. Apart from this, the quality of gold should also be checked through hallmark, 999 for 24 carat and 916 for 22 carat, while 750 is marked for 18 carat.
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