Gold Prices Plummeting Day After Day, Silver To Follow Suit?

New Delhi: After reaching near-record levels, both gold and silver prices have been on a steady decline over the past four days. Gold, which was close to Rs 74,367 per 10 grams, has now dropped to approximately Rs. 71,500. This decline has been observed on the Multi Commodity Exchange (MCX).

Silver hit its all-time high on May 20, 2024, when it reached Rs 95,267 per kilogram. Since then, its price has decreased daily, although today it saw a slight increase of Rs 600 per kilogram. Currently, silver is trading at Rs. 91,045 per kilogram on the MCX for June 5 futures, marking a reduction of Rs. 4,222 over the last four days.

As for gold, it has become significantly cheaper, trading at Rs. 71,526 per 10 grams for June 5 futures on the MCX. This represents a drop of Rs 51 per 10 grams from its previous trading session. On May 20, gold was priced at Rs. 74,367 per 10 grams, which has now decreased by Rs. 2,841 in just four days.

Also Read: Google Plans Billions In Investment For Smartphone Plant In Tamil Nadu

The most substantial drop in gold and silver prices was observed yesterday. On May 22, gold was trading at Rs. 73,046 per 10 grams but fell to Rs. 71,577 per 10 grams by May 23, a decrease of Rs 1,469. Similarly, silver dropped from Rs 93,013 per kilogram on May 22 to Rs. 90,437 per kilogram on May 23, a decrease of Rs. 2,576.

Today, May 24, 2024, gold and silver prices continue to fall in the Indian Sarafa Market. The price of gold is around Rs. 71,000 per 10 grams, while silver is priced at Rs. 89,000 per kilogram. Nationally, the price of 10 grams of 24-carat gold (999 purity) is Rs. 71,952, and silver (999 purity) is priced at Rs. 89,697 per kilogram.

This recent trend in declining prices offers a potential buying opportunity for consumers and investors as the market adjusts from recent highs.

Also Read: US Travel Costs ₹80 Crore Bond For Ashneer Grover, Madhuri Jain As Ordered By Delhi High Court