Gold drops by ₹3,000 and silver by over ₹13,000 in two days after hitting record highs

Mumbai (The Uttam Hindu): Gold and silver prices continued to decline in the domestic futures market on Friday. During early trading on the Multi Commodity Exchange (MCX), gold futures fell by ₹860 to ₹1,42,443 per 10 grams, while silver dropped by more than ₹5,000 to ₹1,94,847 per kilogram. Over the past two trading days, gold has fallen by more than ₹3,000 and silver by over ₹13,000 taking both metals significantly below their record highs.

According to MCX data, gold futures had reached a record high of ₹1,93,096 per 10 grams on January 29, while silver had touched ₹4,20,048 per kilogram. At current prices, gold is down approximately ₹50,653 from its peak, while silver has declined by around ₹2,25,201. On Thursday, October 22, silver futures fell by ₹8,593 to ₹2,00,575 per kilogram, while gold dropped by ₹2,300 to ₹1,43,600 per 10 grams.

Precious metal prices have also weakened in October with gold declining by around 4 per cent and silver by approximately 12 per cent. In international markets, spot gold was trading nearly flat at $4,024.48 per ounce at 8:10 a.m. in Singapore on Friday, after falling nearly 3 per cent in the previous session to its lowest level since July 20. Spot silver slipped 0.1 per cent to $54.49 per ounce, while platinum fell 0.2 per cent and palladium remained nearly unchanged. Future price movements will depend on global market trends, the US dollar and investor demand.