Gold and silver prices rose on Wednesday. According to bullion rates, silver prices rose by ₹2,700 to ₹2.33 lakh per kg. Gold rose by ₹960 to ₹1.53 lakh per 10 grams.
Silver prices on MCX fell by ₹8,000 to ₹2.59 lakh per kg. Gold prices fell by ₹3,111 to ₹1.51 lakh per 10 grams.
Gold and silver prices in the international market
Gold and silver prices fell for the third consecutive session. Precious metals remained under pressure amid subdued trading in Asian markets due to the Lunar New Year holidays. Spot gold was trading at around $4,901 per ounce during Asian trading, while spot silver fell by more than 1% to $72.30 per ounce.
How much have gold and silver fallen from their all-time highs?
Gold prices are still about 15% below their all-time high of $5,626.80 per ounce. Silver prices remain about 67% below their record high of $121.78 per ounce.
According to experts, the strong US dollar has increased selling pressure on gold and silver, which are considered safe investments. The dollar index rose 0.40% to 97.28, making metals priced in dollars more expensive for investors in other currencies and weakening demand.
What are the reasons for the decline?
In addition, major Asian markets such as China, Hong Kong, Singapore, Taiwan, and South Korea remained closed for the Lunar New Year, reducing liquidity and keeping prices under pressure. Investors are now eyeing the minutes of the US Federal Reserve's January meeting, the release of which may provide indications of future monetary policy.
On the geopolitical front, preparations for indirect nuclear talks between the US and Iran in Geneva are also increasing market caution. While there are no signs of a major agreement so far, the US's growing military presence in West Asia is also weighing on investor sentiment.
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