Gold and Silver Price Crash: Gold and silver prices crashed once again on Tuesday. The MCX gold futures price for 10 grams fell to ₹1.17 lakh, while silver prices fell by a significant ₹3,800.
Gold and Silver Price Crash: The decline in gold and silver prices (Gold-Silver Price Crash) continues. On Tuesday, the second trading day of the week, trading began late on the Multi Commodity Exchange due to technical issues. However, when trading opened, both precious metals crashed. Suddenly, the price of gold fell by more than ₹3,200, while the price of silver fell by more than ₹3,800. Gold and silver prices fell not only on MCX but also in the domestic market.
Gold and Silver Crash on MCX
First, let’s talk about the decline in gold and silver prices on MCX. The price of gold with an expiry date of December 5th fell by ₹3,232 to ₹1,17,789 per 10 grams. The gold futures price (Gold Rate) closed at ₹1,20,957 on the previous trading day. Looking at the price of silver, it fell by ₹3,825 per kilogram upon opening. After this sharp drop, the silver price fell to ₹1,39,306.
What are the prices in the domestic market?
While gold and silver prices crashed on the MCX, gold and silver prices also fell sharply in the domestic market. According to rates updated on the Indian Bullion Jewelers Association’s website, IBJA.com, the price of 10 grams of 24-carat gold fell to ₹1,19,164, down from ₹1,21,077 the previous trading day. Looking at the gold rates for different qualities…
Quality Gold Rate (per 10 grams)
24 carat gold Rs 1,19,164/10 gm
22 carat gold Rs 1,16,300/10 gm
20 carat gold Rs 1,06,060/10 gm
18 carat gold Rs 96,520/10 gm
14 carat gold Rs 76,860/10 gm
Silver prices have also fallen in the domestic market. On Monday, silver closed at ₹145,031 per kg, but on Tuesday, it opened at ₹143,400. It’s worth noting that the rates uploaded on the Indian Bullion Jewelers Association’s website remain the same across the country. However, when you go to a store to buy jewelry, you have to pay a 3% GST and a making charge, which increases the price.
Prices Falling After Reaching Highs
Gold prices have been falling steadily for the past few days. The main reasons behind this are said to be a decrease in demand and signs of easing in US-China tariff tensions. It’s important to get the gold tested when purchasing jewelry, and the process is quite simple. You can identify its purity by looking at the hallmark on the jewelry. For example, 24 carat gold is marked with 999.
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