A significant drop in gold and silver prices has been recorded. In June, the price of gold has fallen by more than ₹10,000, while silver has become cheaper by up to ₹20,000 per kilogram.
सोना-चांदी की चमक पड़ी फीकी, 10 दिन में धड़ाम हुए दाम, खरीदने वालों के लिए चांदी ही चांदी?
Gold and silver prices witnessed significant volatility last week, yet both precious metals closed lower by the end of the week. On the Multi Commodity Exchange (MCX), gold became cheaper by approximately ₹5,000 per 10 grams, while silver prices also recorded a decline. Notably, silver has now fallen more than ₹2.10 lakh per kilogram below its all-time high.
Decline in both gold and silver on MCX
On the MCX, silver futures (expiring on July 3) ended the week with a net decline, despite gains during the last two trading days. Silver closed at ₹2,48,537 per kg on June 5, whereas by Friday, the price had dropped to ₹2,46,604 per kg. Thus, silver became cheaper by ₹1,933 per kg over the course of the week.
Silver’s performance has been even weaker in June. Having closed at ₹2,66,998 per kg on the last trading day of May, the price has plummeted by ₹20,394 per kg in just 10 trading days to reach current levels.
Silver down by over ₹2.10 lakh from record high
The extent of the decline in silver prices is evident from the fact that, in January, the contract for this expiry had crossed the ₹4 lakh mark for the first time, reaching a record high of ₹4,57,328 per kg. However, a continuous downward trend followed, and silver is now trading ₹2,10,724 per kg below that peak level.
As for gold, the decline was even more pronounced. On the MCX, the futures price for 24-carat gold (expiring on August 5) stood at ₹1,55,594 per 10 grams on June 5 and closed at ₹1,50,675 per 10 grams on Friday. In other words, gold became cheaper by ₹4,919 per 10 grams over the course of the week.
Gold prices dropped by over ₹10,000 in June
Gold prices have remained under consistent pressure throughout June. On May 29, gold closed at ₹1,60,911 per 10 grams on the MCX, whereas by June 12, the price had fallen to ₹1,50,675. Thus, in just 10 trading days, the price of gold has slipped by ₹10,236 per 10 grams.
Additionally, gold has fallen ₹53,700 below its all-time high of ₹2,04,375 per 10 grams, recorded in January.
Prices softened in the domestic market as well
According to data from the India Bullion and Jewellers Association (IBJA), both gold and silver have become cheaper in the domestic market. On June 5, 24-carat gold was priced at ₹1,54,238 per 10 grams; by Friday, it had dropped to ₹1,47,800. This represents a decline of ₹6,438 per 10 grams over the week.
Meanwhile, the price of silver stood at ₹2,56,908 per kilogram on June 5 and fell by ₹14,513 to reach ₹2,42,295 per kilogram. Consequently, a significant softening in the prices of both precious metals has been recorded in the domestic market.
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