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Silver Hits All-Time High on MCX, Jumps Over ₹3,500 in Early Trade
Gold-Silver Price: On Monday, the first trading day of the week, the price of silver on the Multi-Current Exchange (MCX) jumped by ₹3,500, reaching a new high of ₹1,78,489 per kilogram. Gold futures also rose by more than ₹1,200. Let's take a closer look.
Gold and silver prices saw a significant jump on Monday. The price of silver at MCX rose over ₹3,500 on Monday, the first trading day of the week, to take silver to an all-time high. Gold futures also surged over ₹1,200.
Silver gathered steam in morning trading, with the July future on the MCX opening at ₹1,76,452, against its previous closing at ₹1,74,981 per kg. In the first 15 minutes of the futures trade, silver zoomed to a fresh new high of ₹1,78,489, adding ₹3,508 per kg.
Gold too, began with a solid gain. The Far-month contract of gold, that expires on February 5th, opened at ₹1,30,794 per 10 grams. Gold had closed at ₹1,29,504 in the previous trading day, up by ₹1,290 per 10 grams.
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Despite the rally, gold remains below its all-time high. The all-time high for 24-carat gold on the MCX is ₹1,34,024 per 10 grams, while even after the current rally, gold is trading around ₹4,000 cheaper than this record.
According to the All India Sarafa Association, the price of gold in the domestic market fell to ₹1,29,460 per 10 grams last Friday. However, the price of silver rose to ₹1,68,200 per kilogram.
