Gold and Silver Rates Fall: Silver Drops ₹2.10 Lakh from Peak; Check 24K Gold Price Before Buying
Gold and silver prices saw sharp volatility over the past week, with both precious metals falling strongly at the start of the week and then rebounding with a steep rally toward the end. Despite the late recovery, prices on the Multi Commodity Exchange (MCX) ended the five trading sessions lower overall, leaving both gold and silver cheaper than they were at the beginning of the week.
Silver witnessed the most dramatic decline. The MCX silver futures contract with a July 3 expiry closed at Rs 248,537 on June 5 and ended last Friday at Rs 246,604, marking a drop of Rs 1,933 per kilogram. Over the broader June period so far, silver has fallen much more sharply. The last trading day of May saw silver close at Rs 266,998 per kilogram, meaning the metal has become cheaper by Rs 20,394 in just 10 trading sessions. This weakness has pushed silver even further below its all-time high. In January, MCX silver had crossed the Rs 400,000 mark for the first time and later touched a peak of Rs 457,328 per kilogram. Compared with that record level, silver is now trading Rs 210,724 lower.
Gold also declined over the week, although its drop was less volatile than silver’s. The MCX gold futures contract with an August 5 expiry was priced at Rs 155,594 per 10 grams on June 5. By last Friday, it had slipped to Rs 150,675 per 10 grams, a weekly loss of Rs 4,919. In June alone, gold has shed more than Rs 10,000. On May 29, MCX gold closed at Rs 160,911, and by June 12 it had dropped to Rs 150,675, a fall of Rs 10,236. The latest move has also taken gold well below its January lifetime high of Rs 204,375 per 10 grams, making it Rs 53,700 cheaper than that peak.
In the domestic bullion market, the trend was similar. According to data from the Indian Bullion and Jewellers Association (IBJA), 24-carat gold was priced at Rs 154,238 per 10 grams on June 5 and ended last Friday at Rs 147,800. That means gold became cheaper by Rs 6,438 in a week. Silver in the domestic market also weakened. Its price fell from Rs 256,908 per kilogram on June 5 to Rs 242,295 per kilogram, a decline of Rs 14,513.
The latest movement shows that both metals remain under pressure despite brief recoveries during the week. Silver has corrected sharply from its record highs, while gold has also seen meaningful selling in both futures and retail markets. Market participants are watching for further price action closely as volatility continues in precious metals.
