Rise in gold and silver prices
If you were planning to buy gold or silver today, you may have to loosen your purse strings a little more. The atmosphere of uncertainty and volatility that was prevailing in the market for the last few days has taken a new direction today. As soon as the market opened this morning, there was a tremendous rise in both the precious metals. Especially the shine of silver has increased so much today that it has forced the common buyer to think. The figures coming out on MCX since morning are showing how high the inflation graph is going up.
Strong rise in silver prices
First of all let’s talk about silver, which has really surprised everyone today. Generally, a fluctuation of a few hundred rupees in silver is considered normal, but today a rise of thousands of rupees has been recorded. The price of silver on MCX has increased by more than Rs 6000 per kg around 10 am.
According to the latest data, the price of one kg silver is trading at Rs 2,42,923 with an increase of Rs 6,488. This figure is a record breaker in itself. During the trading session, silver had touched a low of Rs 2,39,626 per kg, but buying pressure took it to a high of Rs 2,43,699. Such a huge rise indicates that due to industrial demand and market conditions, silver is gradually becoming out of reach of the common man.
Even gold is not left behind
Like silver, the movement of gold is also very fast today. For those who were planning to get jewelery made for the wedding season, today’s news may be a bit disappointing. A huge increase of Rs 1639 per 10 grams has been seen in the price of gold today around 10 am. With this rise, the price of 10 grams of gold has reached Rs 1,54,475.
This price is very close to the psychological level of Rs 1.55 lakh. Amidst the ongoing turmoil in the market, gold made a low of Rs 1,53,750 per 10 grams in today’s session, while at the upper level it reached Rs 1,54,837. This means that gold has maintained its strength throughout the day’s trading. This continuous increase in prices is proof that investors still have faith in the yellow metal as a safe investment.
Market turmoil continues
It is becoming difficult to understand the movement of the bullion market since last few days. Sometimes there is a slight softening in the prices, and the next moment there is a tremendous rise. Today was a day of momentum. The way both gold and silver metals have gained momentum, it is clear that there will be instability in the market. When prices on MCX are so high, jewelers in the local market decide the final price by adding making charges and taxes, which drives the prices even higher.
