On the one hand, since the beginning of this week there has been a sharp decline in the stock market (Stock Market Crash) and the Sensex-Nifty is falling every day. Even on Wednesday, Sensex is trading over 600 points and Nifty is trading down over 180 points, this is the third day in a row that the stock market has seen an earthquake. On the other hand, gold and silver create chaos in the commodity market. Silver price on MCX has risen by over Rs 10,000 per kg in three days.
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Silver doesn’t stop at MCX
First of all, let’s look at the price of silver, which is not slowing down during trading on the Multi Commodity Exchange i.e. MCX. Its price has been continuously rising for three days. The September 4 silver futures price closed at Rs 2,23,779 on the previous trading day and reached Rs 2,26,892 by the opening on Wednesday.
If we look at the three-day decline in silver price, on the last trading day of last week, the price of 1 kg silver closed at Rs 2,16,403 and since then the precious metal has appreciated by Rs 10,489.
gold also continues to shine
Not only are future silver prices rising, but gold is also becoming more expensive. In three days, the MCX gold rate jumped from Rs 1,40,906 per 10 gram to Rs 1,44,883 and accordingly, the rate of 10 gram and 24 carat gold increased by Rs 3,977. On the last trading day, the yellow metal maturing on August 5 closed at Rs 1,41,388.
Gold-silver is still cheaper than high
Even as gold and silver prices continue to rise, both precious metals are becoming much cheaper than their lifetime highs. Let us tell you that the price of silver in futures trading reached Rs 4,20,048 at the end of January and continues to decline by Rs 1,93,156 per kg from here. At the same time, gold is currently cheaper by over Rs 50,000 per 10 grams compared to its peak price of over Rs 2 lakh.
(Note: Consult your experts before investing in a gold-silver or gold-silver ETF.)
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