Mumbai, June 8: On the first trading day of the week, the domestic commodity market witnessed a significant decline in the prices of gold and silver. Amidst weakness in the stock market, there was a notable sell-off in precious metals.
On the Multi Commodity Exchange (MCX), both gold and silver prices saw substantial drops. The sharp decline in silver prices particularly caught investors’ attention, as it fell below the ₹2.5 lakh per kilogram mark.
As trading commenced on Monday, the MCX silver futures plummeted to ₹2,41,990 per kilogram. In the previous trading session, it had closed at ₹2,48,537 per kilogram, marking a decline of over ₹6,500 in just one day.
On the same day, the MCX silver for July delivery opened at ₹2,51,001 per kilogram, which was the day’s high, but then fell to a low of ₹2,39,064 during trading. By the time of this report (around 12:17 PM), silver was trading at ₹2,42,025 per kilogram, reflecting a decrease of ₹6,512 or 2.62%.
Looking at the performance since the start of June, silver has dropped nearly ₹24,000 per kilogram. At the beginning of the month, it was priced around ₹2,66,163 per kilogram, indicating that June has been a challenging month for silver.
Silver is currently trading significantly below its all-time high. In January of this year, silver reached a record price of ₹4,57,328 per kilogram. Compared to current prices, silver has fallen by approximately ₹2.15 lakh per kilogram. This decline reflects market demand, global economic conditions, and changing investor strategies.
Gold prices also experienced a sharp decline on Monday. The MCX gold for August delivery opened at ₹1,54,177 per 10 grams and fell by ₹2,044 or 1.31% to ₹1,53,550 per 10 grams by the time of this report. Previously, it had closed at ₹1,55,594 per 10 grams on Friday. During the trading day, it reached a high of ₹1,54,512 and a low of ₹1,52,712 per 10 grams.
Since the beginning of June, gold prices have consistently softened. On the first trading day of the month, gold was priced at ₹1,59,241 per 10 grams, but it has now decreased by over ₹6,000.
Gold is also trading well below its all-time high. It previously reached a record price of ₹2,04,375 per 10 grams. Based on current prices, gold has dropped by nearly ₹51,000 per 10 grams from its peak.
Experts believe that global economic conditions, interest rate expectations, dollar movements, and investors’ risk appetite will determine the future direction of gold and silver. Currently, both precious metals are under pressure, but long-term investors may view this price decline as an opportunity.
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