The December 4 expiry silver futures contract on the MCX closed at ₹2,11,418 per kilogram last Friday. On the final trading day of the previous week, the precious metal had been trading at ₹2,25,755 per kilogram. This means silver prices declined by ₹14,337 per kilogram in just five trading sessions.
The latest fall has pushed silver even further below its lifetime high. In January, silver futures broke through the historic ₹4 lakh-per-kilogram mark for the first time, surpassing all previous records and touching a high of ₹4,20,048 per kilogram. However, prices subsequently witnessed repeated declines. Following the latest correction, silver is now trading ₹2,08,630 per kilogram below its record high.
The decline has not been limited to futures trading, as silver prices have also fallen sharply in the domestic bullion market. According to the updated rates published on the Indian Bullion Jewellers Association's website, IBJA.com, one kilogram of silver was priced at ₹2,21,109 on October 9. By last Friday, the price had fallen by ₹10,191 to ₹2,10,918 per kilogram.
Gold prices also remained under pressure during the five trading sessions of the past week. On October 9, the December 4 expiry 24-karat gold futures contract on the MCX was priced at ₹1,51,499 per 10 grams. By last Friday, the price had declined to ₹1,48,000 per 10 grams.
The figures indicate that gold futures became cheaper by ₹3,499 per 10 grams over five trading sessions, adding to the decline in precious metal prices during the week.
Gold also recorded a fall in the domestic bullion market. After trading throughout last Friday, the price of 10 grams of gold closed at ₹1,46,426. On the final trading day of the previous week, the corresponding price had stood at ₹1,49,430 per 10 grams. This represents a decline of ₹3,004 per 10 grams in the IBJA gold rate.
Consumers planning to purchase gold jewellery should also account for additional costs beyond the quoted bullion price. Jewellery purchases at retail stores attract 3% Goods and Services Tax (GST), along with making charges.
The latest weekly figures show the extent of the correction in both precious metals, with silver registering a particularly steep decline from its January record high and gold recording losses in both MCX futures and domestic bullion prices.
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