The prices of gold and silver, or gold-silver rates, are still subject to change. Both precious metals had a strong increase on Wednesday after abruptly plunging from their all-time highs on January 29th of this year (the gold-silver price collapse).
At the Multi Commodity Exchange’s opening, silver prices increased by about ₹8200, driving up the cost of gold. Silver is still more affordable than ₹1.60 lakh per kg, nevertheless, as compared to the high prices of gold and silver (Silver Cheaper From High).
Let us start by discussing the opening of silver on the MCX on Wednesday, which is the third trading day of the week. The MCX Silver Price, which expires on March 5th, opened at Rs. 2,60,838 after previously closing at Rs. 2,52,548. According to this calculation, the price of 1 kilogram of silver has increased by Rs. 8,290.
Even if the price of silver increased significantly on Wednesday, it is still about Rs. 1.60 lakh less expensive than it was at its peak. In actuality, silver rose at a dizzying rate on January 29th, breaking beyond the Rs. 4 lakh barrier for the first time and peaking at Rs. 4,20,048. But once they got to this point, the silver crash started. Silver is now Rs. 1,59,210 less per kg, taking into account the drop from the peak.
After discussing silver, let us move on to the price of gold futures on the Multi Commodity Exchange, which expires on April 2. At the start, gold prices on MCX surged by Rs 1633. The 10 gram 24 Karat gold rate opened Tuesday at Rs 1,58,436 and finished at Rs 1,56,803 on Tuesday.
Similar to silver, the price of gold has recently increased, but it is still less expensive than it was at its peak. Yes, the gold rate hit a record high of Rs 1,93,096 per 10 grams on January 29th, the same day that the price of silver surpassed Rs 4 lakh. The current price of gold futures is Rs 34,660 per 10 grams, which is less than this peak.
