Precious Metals Slide on MCX: Silver Down 3%, Gold Tumbles

On Wednesday, silver futures on the MCX fell by about 3% in a single session, opening at Rs 2,28,925 per kilogram after closing the prior day at Rs 2,30,857. The metal has lost Rs 8,485 in three trading days this week, moving from a high of Rs 2,37,410 per kilogram recorded on Friday.

Gold also experienced a notable dip, with the August contract dropping to around Rs 1,44,800 per 10 grams, down Rs 2,578 from its Friday level. The downward trend follows a period of strong price gains earlier in the year, driven by heightened global demand and geopolitical concerns.

In major Indian cities, the current silver price stands at Rs 2,500 per 10 grams, while 24‑carat gold trades near Rs 1,44,500 per 10 grams and 22‑carat gold near Rs 1,33,200 per 10 grams. These figures are derived from the benchmark rates released by the Indian Bullion and Jewellers Association.

Buyers are reminded that the headline rates do not include GST or making charges, which vary by retailer. Conducting a price comparison and understanding the total cost of acquisition remains essential for prudent buying decisions.