Gold Prices Down by Rs 8,500 and Silver Rs 14,500 in last Five Months

Gold prices witnessed a massive plunge in the past week and dropped to Rs 48,702 per 10 gram on the last trading day of the week. On Friday, gold prices registered a steep fall of Rs 519 on the MCX exchange, while the gold futures price of April 5, 2021, was closed at Rs 48,715 per 10 grams with a decline of 514 rupees on MCX on the last trading day of the week.

Will gold price reduce in India?

Recently, the gold prices saw a decline in last week’s trading. On January 11, 2021, the gold prices at the MCX opened at Rs 48,786 per 10 grams. Earlier, during the last week’s session, the gold price closed at Rs 48,967 per 10 grams and it saw a decline of Rs 265 per 10 grams last week.

Read More : Gold Spot Next Week Forecast

Silver Price in the last week

On Friday, the futures Silver prices for March 5, 2021 closed at Rs 64,764 per kilogram at the MCX with a decline of Rs 1,919. The silver price opened at Rs 63,603 per kilogram on MCX on Monday, January 11, while it closed at Rs 64,231 per kilogram in the last session of the week. Thus, the silver price saw a rise of Rs 533 per kilogram this week.

How gold price went down by Rs 8,500 from its previous surge?

Gold price saw a massive plunge as the last high level in gold prices of February 5, 2021 futures was seen on August 7, 2020. In that session, the gold prices of February 2021 futures closed at Rs 57,100 per 10 grams. Now, if we compare it with the current price of the gold, the yellow metal saw a decline by Rs 8,398 as compared to its previous high level.

How silver slashed by Rs 14,500 in comparison to its previous high?

Just like the price of gold, the price of silver too went down while comparing it with the previous high level. The highest level of silver price was last seen on August 10, 2020 when the silver price of March 2021 futures closed at Rs. 79,147 per kilogram. By comparing the recent price to the previous high level, the price of silver went down by Rs 14,383 in the last five months.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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