Gold-Silver Crash From High: Silver Prices Fall ₹1.75 Lakh, Gold Drops ₹37,000

Gold-Silver Crash From High: Gold and silver prices continue to fluctuate. On Friday, the last trading day of last week, the prices of both precious metals saw a sudden surge, but prior to that, they had been steadily falling. Despite this surge, silver prices appear to have crashed from their highs, remaining more than ₹1.75 lakh cheaper per kg. Even after the recent rally, the gold rate remains well below its highs, and it's cheaper by about ₹36,000 per 10 grams.

Price of kg of silver

First, let's talk about the latest price of silver. On the Multi Commodity Exchange (MCX), the price of 1 kg of silver with an expiry date of March 5th closed at ₹2,44,360 at the end of futures trading last Friday, a gain of ₹7,925 compared to its previous close. However, compared to its lifetime high, silver is still quite cheap even after this rise.

Silver is still this cheap from its highs

On January 29th, the price of silver made history, crossing the historic ₹4 lakh mark for the first time and then reached a high of ₹4,20,048 per kg. However, after this, the silver price crashed to a level of ₹2.25 lakh.

The prices of these precious metals, which had suddenly crashed after reaching lifetime highs, have rebounded intermittently, but overall, the gold and silver rates have fallen so much from their highs on MCX in just 16 trading days, from January 29th to February 13th.

Gold rate also much lower than high

Following silver, the gold rate is also trading significantly lower than its highs. MCX gold futures, expiring on April 2nd, closed at ₹1,55,895 per 10 grams last Friday, a gain compared to its previous close on Thursday. However, like the silver price, the gold rate is also trading significantly lower than its highs.

Summary

Looking at the Gold High, gold, along with silver, hit a new peak on January 29th, rocketing to ₹1,93,096 per 10 grams. This was followed by a gold rate crash. However, compared to the previous close, even after Friday's rally, the 10-gram 24-karat gold rate is still ₹37,201 cheaper than its high.