Profit-taking led to a sharp decline in gold and silver prices in the international market. Silver prices fell by more than 7 percent after reaching record highs, while gold also weakened. On COMEX, the price of gold fell by 1.16 percent to $5,023.60 per ounce. However, despite the decline, gold remained above the crucial $5,000 level.
Meanwhile, on COMEX, the price of silver plummeted by 6.41 percent to $108.095 per ounce. Earlier in the session, silver prices had reached record levels, crossing $117.71 per ounce, but were followed by sharp selling.
Gold and Silver Prices on MCX
Gold and silver prices witnessed a sharp surge on the Multi-Commodity Exchange (MCX). Driven by gains in the international market, both metals extended their record-breaking rally.
On MCX, the price of gold opened 1.68 percent higher at ₹1,58,674 per 10 grams, compared to its previous closing price of ₹1,56,037 per 10 grams. During trading, the price of gold rose to a high of ₹1,59,820 per 10 grams.
Similarly, on MCX, the price of silver opened 1.53 percent higher at ₹3,39,824 per kg, compared to its previous closing price of ₹3,34,699 per kg. During trading, the price of silver surged by ₹22,010, or 6.58 percent, to ₹3,56,709 per kg. Silver also touched an all-time high of ₹3,59,800 per kg.
Latest Gold and Silver Prices in India
In India, the price of 24-karat gold has risen to ₹1,61,960 per 10 grams. Meanwhile, the price of one kilogram of silver has reached a new high of ₹3,60,100.
In Delhi, the price of 24-karat gold was recorded at ₹1,62,110 per 10 grams, and the price of 22-karat gold was ₹1,48,610 per 10 grams.
In Mumbai, the price of 22-karat gold was ₹1,48,460 per 10 grams, while in Patna, the price of 18-karat gold was recorded at ₹1,21,520 per 10 grams.
Additionally, the price of one kilogram of silver in Delhi, Mumbai, and Patna was also ₹3,60,100.
What is the experts' opinion?
According to experts, gold prices have risen by about 17 percent so far this year. The main reasons for this are investors moving away from government bonds and currencies, a weak US dollar, and geopolitical risks. This is being called a 'debasement trade' in the market, where investors are turning to safe-haven investments due to fears of currency devaluation. This means that when investors believe that the value of a country's currency may fall or its purchasing power is weakening, they start investing in gold, silver, and other real assets to protect their capital.
Experts believe that gold and silver prices may see further increases in the coming times. Amidst rising geopolitical tensions and global uncertainties, investors are viewing gold and silver as insurance, i.e., safe-haven investment options. Whenever uncertainty increases in the market, investors' preference shifts from risky assets (like the stock market) to safe assets like gold and silver. This is why their demand increases rapidly during times of crisis.
Will the upward trend continue?
Analysts believe that if global economic uncertainty, dollar weakness, and geopolitical tensions continue, gold and silver prices may continue to rise. However, occasional declines are possible due to profit-taking and a stronger dollar.
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