Know the latest price of gold and silver
From the bullion market of the country’s capital Delhi to the futures market of the country, the prices of gold and silver made a strong comeback. A jump of more than 9 percent was seen in the prices of silver at both the places. Whereas the price of gold increased by more than 3 to 5 percent. A jump of Rs 5000 thousand was seen in the prices of gold in Delhi bullion market. Whereas the price of silver increased by 24 thousand rupees, an increase of about 42 thousand rupees was seen in the price of silver in the futures market of the country.
An increase of more than Rs 9800 has been seen in the price of gold in the futures market of the country. The special thing is that the biggest one-day increase in gold spot prices in the American market has been seen since 2008. Let us also tell you what the prices of gold and silver have become from the country to the foreign markets.
Rise in gold and silver prices in Delhi
According to All India Bullion Association, silver prices rose by Rs 24,000, or 9.23 per cent, to Rs 2,84,000 per kg (including all taxes). On Monday, the price of silver had fallen by Rs 52,000 and closed at Rs 2,60,000 per kg. After three days of heavy fall, silver prices have increased. In this fall, the price of silver had fallen to Rs 1,44,500 or about 36 percent from its all-time high of Rs 4,04,500 per kg recorded on January 29.
According to the association, prices of gold of 99.9 per cent purity have also improved and have increased from Monday’s closing price of Rs 1,52,700 per 10 grams to Rs 1,57,700 per 10 grams, an increase of Rs 5,000 or 3.3 per cent. Gold prices had fallen by Rs 30,300, or about 17 per cent, from their record high of Rs 1,83,000 per 10 grams on January 29, as investors started booking profits after the rally.
Saumil Gandhi, senior commodity analyst at HDFC Securities, said gold partially recovered recent losses on Tuesday as prices fell to a four-week low after a record-breaking rally. Silver also gained momentum, which was supported by buying after two days of heavy selling. Gandhi further said that investors who were waiting for the fall in prices to make long-term purchases are now seeing the current fall as a buying opportunity.
Biggest rise in international market since 2008
In the international markets, both the precious metals followed the rise in the domestic market. Spot silver rose by US$9.55, or 12.07 per cent, to US$88.77 an ounce, while gold rose by US$275.39, or 5.91 per cent, to US$4,935.49 an ounce. This surge marks the biggest one-day surge since 2008. Kainat Chainwala, AVP of Commodity Research, Kotak Securities, said that both the metals have improved rapidly.
“Spot gold and silver prices have registered a rise of about 5 per cent and 8 per cent after a steep fall of 15 per cent and 30 per cent respectively in the last two sessions.” He further said the selloff was further fueled by increased margin requirements and growing expectations that policy easing would be delayed until Jerome Powell’s term ends in May, as a hardline candidate is set to take over.
Boom in futures market too
If we talk about the futures market of the country, there is a huge rise in the prices of gold and silver. Talking about the data, at 8 pm on the Multi Commodity Exchange, the price of gold was seen rising by Rs 8,357 and the price was seen at Rs 1,52,348 per ten grams. Whereas during the trading session, gold rose by Rs 9,815 and reached the day’s high of Rs 1,53,806.
On the other hand, if we talk about silver prices, at present a rise of more than 15 percent is being seen. If data is to be believed, at 8 pm the price of silver in the futures market was trading at Rs 2,68,418 with an increase of Rs 32,157. Whereas during the trading session, an increase of Rs 40,739 was seen in the price of silver and the price was seen at the high of the day at Rs 2,78,000.
What are the experts saying?
Discussing the market outlook, Chenwala said gold and silver are likely to remain volatile as markets keep an eye on the upcoming US employment report to gauge the timing of the next interest rate cut by the Federal Reserve. He further said that Chinese markets will also attract attention, as already high Shanghai-Comex premiums have highlighted the gap between physical and paper currency, which has fueled unprecedented volatility in silver prices. At the same time, purchases made before the New Year run the risk of even sharper price fluctuations after the holidays.