Gold Price: Gold fell by Rs 5,500 compared to its previous high, silver fell by Rs 16,500, know the prices

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The prices of both gold and silver metals have fallen in the past week. Despite the festive season, the decline in gold and silver prices has been observed. On Friday, the last trading day of the previous week, on this day, the gold price of December futures fell by Rs 165 to Rs 50,547 per 10 gram on the MCX exchange. Besides, gold futures on February 5, 2021 fell by Rs 132 to close at Rs 50,629 per 10 grams on the last day of the week. Let us now know how much the difference between gold and silver prices has taken place this week.

Gold fell last week

December futures gold opened at Rs 50,940 per 10 grams on MCX on Monday, October 12 on the first trading day of the previous week. In the previous session, the gold had closed at Rs 50,817 per 10 grams. In this way, the price of this gold has fallen by Rs 270 per 10 grams last week.

Along with gold, silver prices have also fallen in the past week. Silver futures price of December futures closed at Rs 61,676 per kg on MCX on Friday, the last trading day of the previous week. The silver price opened at Rs 63,839 per kg on MCX on Monday, October 12, the first trading day of the week. In the previous session, it had closed at Rs 62,884 per kg. In this way, the price of this silver has dropped by Rs 1,208 per kg last week.

Gold is so far away from its previous high level

The festive season has arrived. Lockdown restrictions are also on the verge of being lifted in the country, but the rise in demand due to the demand for gold is not visible. The current gold prices are far from their previous highs. The previous high level of gold price was seen on August 6, 2020. In this session, gold for December futures closed at Rs 56,015 per ten gram. If we compare it with the current price, this gold is Rs 5,468 per ten grams away from its previous high.

Silver also falls drastically compared to previous high

Like gold, the current silver prices are well below their previous highs. The previous high level of silver was seen on 10 August 2020. In this session, silver for December futures closed at Rs 78,256 per kg. Comparing this price with the current price, the silver is down by Rs 16,580 per kg.

Global gold prices

Talking about gold prices globally, it closed with a fall on the last trading day of the last week. According to Bloomberg, the December futures of gold on Friday closed down 0.13 percent or $ 2.50 at $ 1,906.40 an ounce on Comex. At the same time, the global spot price of gold fell 0.49 percent or $ 9.42 to close at $ 1899.29 an ounce on this day.

Silver price globally

Talking about silver prices globally, according to Bloomberg, the global price of silver in December futures closed at $ 24.41 an ounce, a rise of 0.75 percent or $ 0.18 on the last trading day of the week on COMEX. At the same time, the global spot silver prices fell by 5.59 percent, or $ 0.14, to close at $ 24.16 an ounce.