The Gold and Silver Crash from their record highs has become one of the biggest talking points in the commodity market. Despite a slight recovery last week, both precious metals are still trading significantly below their all-time peak levels, creating mixed sentiment among investors.
On the Multi Commodity Exchange of India, gold and silver showed upward movement last week but failed to regain their historic highs. Gold (24-carat, 10 grams) closed at ₹149,650, while silver settled at ₹232,600 per kilogram. Even with this recovery, the gap from their peak prices remains substantial.
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Silver Crash: Still ₹2.06 Lakh Below Peak
The Gold and Silver Crash is more evident in silver prices. Earlier this year, silver created history by touching ₹439,337 per kilogram on MCX. However, after reaching this peak, prices saw a sharp correction.
At the current level of ₹232,600 per kilogram, silver is still down by ₹206,737 from its all-time high. Despite intermittent rebounds, silver has struggled to maintain upward momentum, reflecting ongoing volatility in global commodity markets.
Gold Drops Over ₹53,000 From Record High
Gold has also mirrored silver’s trend during this Gold and Silver Crash phase. On MCX, gold had surged to a historic high of ₹202,984 per 10 grams in January. Since then, prices have corrected significantly.
Currently trading at ₹149,650, gold is down by ₹53,334 from its peak. Although gold witnessed some recovery last week, it has not been able to reclaim its previous highs, indicating cautious investor sentiment.
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Weekly Performance Shows Mild Recovery
Looking at last week’s movement, gold prices increased by ₹2,395 per 10 grams, rising from ₹147,255 to ₹149,650. Silver also gained momentum, climbing ₹4,646 to close at ₹232,600 per kilogram.
This short-term rise suggests that while the broader Gold and Silver Crash trend persists, there is still buying interest at lower levels.
Domestic Market Trends
In the domestic bullion market, prices also moved upward. According to the Indian Bullion and Jewellers Association:
- Gold rose from ₹142,942 to ₹146,608 per 10 grams (up ₹3,666)
- Silver increased from ₹221,647 to ₹227,813 per kilogram (up ₹6,166)
This indicates that local demand continues to support prices despite global volatility.
Final Price Higher Due to GST & Making Charges
Investors and buyers should note that the prices quoted by IBJA are base rates. When purchasing gold or silver jewelry, additional costs apply:
- 3% GST
- Making charges (vary by city and jeweler)
These extra costs significantly increase the final purchase price, especially for jewelry buyers.
Conclusion
The ongoing Gold and Silver Crash highlights the volatility in precious metal markets. While both metals have shown slight recovery in the short term, they are still trading far below their record highs. Silver remains over ₹2 lakh cheaper than its peak, while gold is down by more than ₹53,000.
For investors, this phase could present both risks and opportunities. The coming weeks will be crucial in determining whether gold and silver continue their recovery or remain under pressure in the global market.