Gold and Silver Prices Fall Sharply, Silver Now ₹1.83 Lakh Below Record High

Mumbai: Gold and silver prices fell sharply on Monday, extending last week’s weakness as trading resumed on the Multi Commodity Exchange. Silver futures slipped below Rs 2.37 lakh per kilogram, while gold remained above Rs 1.50 lakh per 10 grams despite an early decline.

Gold drops at opening

Gold futures for October 5 expiry opened lower at Rs 1,52,225 per 10 grams on the MCX. The contract had closed at Rs 1,52,767 on Friday, indicating an immediate decline of Rs 542 per 10 grams at the start of trading.

The fall continued the pressure seen in bullion prices during the previous week. Gold has now declined by more than Rs 4,000 in six trading sessions, offering some relief to buyers after prices had climbed to elevated levels earlier.

Gold loses Rs 4,056 in six sessions

The October-expiry gold contract had settled at Rs 1,56,281 per 10 grams on August 28. Compared with Monday’s opening level, the yellow metal has become cheaper by Rs 4,056 per 10 grams over the past six trading days.

Silver tumbles by Rs 1,235

Silver futures also recorded a steep decline when the market opened. The metal fell to Rs 2,36,423 per kilogram, compared with its previous closing price of Rs 2,37,658. This represented a sharp drop of Rs 1,235 per kilogram in early trading.

Rs 1.83 lakh below lifetime high

The latest decline has widened silver’s fall from its all-time peak. Silver futures had touched a lifetime high of Rs 4,20,048 per kilogram during the final week of January this year.

At Monday’s opening price of Rs 2,36,423 per kilogram, silver was Rs 1,83,625 cheaper than that record level. The latest movement shows that both precious metals remain under selling pressure, with silver witnessing the much steeper correction from its peak.

Investors will now track bullion trends and currency movements for further direction in gold and silver futures prices.