If you are planning to buy gold or silver, the latest price changes are important to know.
On Friday, the last trading day of the week, gold became significantly cheaper.
On MCX, the price of 24-carat gold futures fell by ₹3,351 per 10 grams, a drop of 2.64%.
Even in the domestic market, gold prices slipped, and it is still more than ₹8,000 cheaper than its previous high.
Big Fall in MCX Gold and Silver Rates
Gold prices on the Multi Commodity Exchange saw a major fall on Friday.
December futures opened at ₹1,21,800 and even went up to ₹1,27,048 during the session.
But by the end of the day, the price dropped sharply and closed at ₹1,23,400 per 10 grams.
A day before, on November 13, gold was priced at ₹1,26,751.
Compared to its all-time high of ₹1,32,294, gold is still cheaper by ₹8,894 per 10 grams.
Silver also saw a steep fall. On Friday, the price of 1 kg of silver futures dropped by ₹6,940 to ₹1,55,530.
Silver now costs ₹14,885 less than its lifetime high of ₹1,70,415.
Prices Down by Over ₹7,000 in 20 Days
Gold has been sliding for several days. On October 20, the price of 10 grams of gold was ₹1,30,624.
In just 20 trading days, gold has become cheaper by ₹7,224.
Domestic Market Rates: What Changed
According to the Indian Bullion Jewelers Association (IBJA), gold prices rose sharply earlier in the week but fell again on November 14.
On Monday, the price of 24-carat gold was ₹1,22,441 per 10 grams.
By Thursday, it had risen to ₹1,26,554.
But on Friday, it dropped to ₹1,24,794, becoming cheaper by ₹1,760 in a single day.
The price of 22-carat gold stood at ₹1,14,311 per 10 grams, while 18-carat gold was priced at ₹93,596.
Silver also fell, dropping from ₹1,62,730 to ₹1,59,367 per kg in one day.
Important Tips Before Buying Gold
When buying gold jewelry, remember that IBJA rates are the same across the country.
However, you must pay 3% GST and making charges at the shop.
Always check the hallmark to ensure purity:
999 for 24-carat
916 for 22-carat
750 for 18-carat
