Gold and silver prices drop sharply in the market

Precious metals saw a sudden and steep decline in their prices on Tuesday. Trading on the Multi Commodity Exchange started with an upward trend, but both gold and silver rates quickly fell. Silver futures dropped by more than 2,200 rupees per kilogram. The silver futures contract for December 4 closed at 2,39,317 rupees per kilogram on Monday and opened at 2.40 lakh rupees on Tuesday. However, the price soon crashed to 2,37,100 rupees, making it cheaper by 2,217 rupees. With this latest drop, silver is now trading far below its record high level. It had reached an all-time peak of 4,20,048 rupees in the last week of January. Compared to that peak, the metal is now cheaper by 1,82,948 rupees per kilogram. Gold prices followed a similar downward path. The October 5 contract for 10 grams of 24-karat gold closed at 1,53,094 rupees on Monday and opened higher at 1,53,497 rupees on Tuesday. It then slipped into the red zone, falling by 721 rupees to trade at 1,52,373 rupees. In the domestic market, according to the Indian Bullion Jewellers Association website, 10 grams of 24-karat gold was priced at 1,53,337 rupees, while one kilogram of silver was available at 2,34,992 rupees.