Gold and silver prices crashed overnight; know today price in market
By Tuesday night, gold and silver prices experienced a catastrophic crash. These precious metals crashed not only domestically but also internationally. Silver suddenly fell by more than 5% on the MCX.
Gold and silver prices have seen a significant crash in the past few days. On Tuesday, the previous trading day, gold and silver rates suddenly plummeted on the MCX overnight. While silver fell by more than 5% around 8:30 pm, gold prices also fell by about 2.5%. Following this decline, prices of both precious metals appeared to be in recovery mode as soon as trading began on the Multi Commodity Exchange on Wednesday. Let's find out how much 1 kg of silver is worth now and what is the 10 gram 24 Karat Gold Rate...
Silver prices fell sharply overnight
First, let's talk about the price of silver, which suddenly crashed by more than 5% on Tuesday night. Silver prices had reached close to ₹2.26 lakh per kg during trading. Looking at the overnight update, the price of silver with March 5th expiry on MCX fell by 5.58%, or ₹13,378 per kg, to ₹2,26,513. This means it fell by ₹1,93,535 compared to its lifetime high of ₹4,20,048 on January 29th. However, at the close of trade, it closed at ₹2,28,783.
Rate at the MCX opening in the morning
After a massive fall on Tuesday night, as soon as commodity trading began on MCX on Wednesday, the third trading day of the week, silver prices appeared to be in recovery mode (MCX Silver Price). At the time of writing, the price of 1 kg silver was trading at ₹2,34,000 per kg, up more than 2%, or over ₹5,000.
Gold in recovery mode after crash
After silver, let's talk about the price of gold. Like silver, this precious metal also appears to be in recovery mode after crashing overnight. After falling by nearly 2.5% last night, gold jumped by more than 1% at the opening of MCX.
Gold is so much cheaper than its high
Despite the recent surge in gold prices, the price of gold has declined so far. On January 29th, like silver, gold prices also reached a lifetime high of ₹1,93,096 per 10 grams. However, after reaching this level, the gold rate crashed. Even after a couple of days of gains, gold is now nearly ₹40,000 per gram cheaper than its high.