Gold and silver prices saw a substantial decline on Thursday, with silver dropping to ₹29,000 per kilogram and gold losing over ₹9,000, although there was a slight recovery noted on Friday.
On Thursday, the prices of gold and silver plunged significantly in the multi-commodity market (MCX), with silver experiencing a drop of up to 12%, bringing its price down to ₹29,000 per kilogram. Gold also witnessed a decline of 6% during the same period, exemplifying the volatile nature of precious metals in the market. This sharp fall in prices indicates market instability and potential investor reactions to fluctuating global economic conditions.
However, as the markets opened on Friday, a partial recovery was observed, albeit not equivalent to the previous day's drop. As of 4:25 PM on Friday, the price for 10 grams of gold had risen by ₹1,536, reaching a total of ₹1.46 lakh. Similarly, silver's price increased by ₹427 per kilogram, settling at ₹2,31,887, indicating some market correction after the abrupt losses.
Comparatively, the prices of gold and silver had soared to record highs earlier this year, with gold hitting ₹1.93 lakh per 10 grams and silver reaching ₹4.20 lakh per kilogram. This recent decline brings prices down significantly, with gold becoming cheaper by ₹47,000 and silver by nearly ₹1.89 lakh, showing a dramatic shift in the commodities market that could have broader implications for investors and the economy.
