Silver Price Fall: Silver prices continue to fall, falling significantly from their highs. On Tuesday, the MCX Silver Price fell sharply by more than ₹10,000 per kg.
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Silver Price Fall: Gold and silver prices continue to fall. Silver, in particular, is falling sharply every day. Silver futures prices on the Multi Commodity Exchange fell by ₹9,000 per kilogram on Monday, while on Tuesday, a kilogram of silver fell by more than ₹10,000. Silver prices have fallen not only on the MCX exchange but also in the domestic market.
Silver falling daily on the MCX
If you are planning to invest or buy silver, it is important to know its latest prices. Silver prices have fallen steadily over the past few days, and it has become significantly cheaper than its highs. First, let’s talk about the MCX Silver Rate. On Friday, the last trading day of last week, the silver futures price with an expiry date of March 5th closed at ₹2,44,360, and during Monday’s trading, it slipped to ₹2,35,208 per kilogram. However, at market close, it recovered and closed at Rs 2,39,891 per kg, down by Rs 4,469.
After falling on Monday, the price of silver witnessed another major decline on Tuesday as well. MCX Silver Price fell from its previous closing price of Rs 2,39,891 to Rs 2,29,352 per kg in one stroke. This means silver became cheaper by Rs 10,539 per kg. In this way, the price of silver futures has fallen by Rs 15,008 per kg in just two days.
Silver Rate in the Domestic Market
Gold and silver prices have fallen in futures trading on the MCX, while silver prices in the domestic market have also fallen by more than ₹8,000 per kg in just two days. In fact, according to updated rates on the Indian Bullion Jewelers Association’s website, IBJA.com, the price of 1 kg of silver in the domestic market was ₹2,42,433 last Friday, but by the end of trading on Monday, the first trading day of the week, it had fallen to ₹2,40,947 per kg.
On Tuesday, when trading began in the domestic market, it fell further to ₹2,34,380. Consequently, it has become cheaper by ₹8,053 per kg compared to its Friday close.
It’s worth noting that the rates updated by IBJA are uniform across the country, but when you go to the domestic bullion market to purchase jewelry, you’ll need to pay a 3% GST, plus a making charge. This adds to the price. Making charges can vary from state to state.
