Silver prices took a sudden hit at the start of Thursday’s futures trading. Silver for the December 4 expiry had closed at Rs 2,44,213 per kg in the previous trading session. Soon after the market opened on Thursday, its price fell to Rs 2,42,726 per kg. Based on this calculation, silver became cheaper by Rs 1,487 per kg.
The sharp decline has pushed the MCX silver price further below its lifetime high. In the last week of January 2026, silver had crossed the historic level of Rs 4 lakh per kg for the first time, moving rapidly to a high of Rs 4,20,048 per kg. After touching that level, however, the precious metal was seen crashing sharply. Compared with the current price, 1 kg of silver is now Rs 1,77,322 per kg below its high.
Gold, meanwhile, moved in the opposite direction as silver prices declined. On the MCX, gold for the October 5 expiry rose by around Rs 200 per 10 grams to reach Rs 1,53,963. However, the metal had also slipped shortly after trading began in the commodity market.
Looking at gold’s movement so far in September, the precious metal has become cheaper during the month. On August 31, the last day of the previous month, the 10-gram price of 24-carat gold had closed at Rs 1,54,460 in futures trading on the MCX. Compared with Thursday’s price, gold is around Rs 500 cheaper.
In the domestic market, rates updated on the Indian Bullion Jewellers Association website, IBJA.Com, show that the 10-gram price of 24-carat gold is Rs 1,53,486, while 1 kg of silver is priced at Rs 2,35,249. However, customers buying jewellery in the domestic market also have to pay the applicable GST along with making charges, which increases the final purchase price.
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