The sharp decline in gold and silver prices continues. Before the market closed yesterday evening, gold on the Multi Commodity Exchange (MCX) saw a drop of approximately 2%, while silver fell by nearly 5%. As a result of this decline, the price of silver has fallen below ₹2 lakh per kilogram. The downward trend in the market persists today as well. In the global market, the price of gold was seen trading at $4,000 per ounce.

How much have prices fallen in the international market?
In the international market—specifically on COMEX—both gold and silver prices saw a decline on October 23. Around 9:00 AM, gold on COMEX fell by 0.78%, reaching a price of $4,000.80 per ounce. Meanwhile, the price of silver on COMEX dropped by 1.84%, trading at $53.995 per ounce.

Prices plummet in the domestic market.
A sharp decline in the prices of both gold and silver has also been observed in the domestic market. Upon the market opening, gold was seen trading at approximately ₹1.42 lakh per 10 grams, while silver was trading at around ₹1.96 lakh per kilogram.

Where is gold trading on the MCX?
On the Multi Commodity Exchange (MCX), gold for December delivery fell by ₹900, trading at ₹1,42,400 per 10 grams. Silver, meanwhile, dropped by ₹3,500, reaching a price of ₹1,96,141 per kilogram. A windfall for buyers
As the markets opened today, October 23, the prices of gold and silver saw a sharp decline. The luster of these precious metals appears to be fading. Currently, 24-carat gold is trading at approximately ₹142,750 per 10 grams, while 22-carat gold is hovering around ₹132,981 per 10 grams. Meanwhile, 18-carat gold is trading at nearly ₹107,063 per 10 grams. In the bullion market, silver was seen trading at approximately ₹196,510 per kilogram.