If you're thinking of buying gold or silver, this news might surprise you. Gold and silver prices are continuously setting new records. Precious metals are witnessing an unprecedented surge, from India to the international market.
In India, gold has reached close to ₹1.71 lakh per 10 grams, while silver is trading at a historic level of ₹4 lakh per kilogram. Market discussions suggest that if this trend continues, prices could rise even further in the coming days.
Record surge in the international market
On Thursday, the price of gold in the international market reached a new record high of $5,591.61 per ounce. Spot gold was trading up 2.1% at $5,511.79 per ounce. Gold has risen by more than 10% this week and crossed the $5,000 per ounce mark for the first time on Monday.
Silver also reached record levels. Spot silver was trading at $118.061 per ounce, while during the session it touched a new all-time high of $119.34 per ounce.
Historic surge in the Indian market
On the Multi Commodity Exchange (MCX), gold closed at ₹1,66,355 per 10 grams on Wednesday. Silver reached ₹3,86,530 per kilogram.
Bullion market update
In the Delhi bullion market, silver prices witnessed a tremendous surge. On Wednesday, silver became ₹15,000 more expensive, reaching ₹3.85 lakh per kilogram. This was the third consecutive day that silver registered a significant increase. Earlier, on January 26, silver prices jumped by a massive ₹40,500. Gold was not far behind. Gold of 99.9% purity rose by ₹5,000 on Wednesday to reach a new peak of ₹1,71,000 per 10 grams. Major Reasons Behind the Surge:
1. US Federal Reserve's Signal
The US central bank, the Federal Reserve, kept interest rates unchanged. Fed Chair Jerome Powell stated that inflation is still above the 2% target. This increased uncertainty in the market led investors to turn to gold.
2. US-Iran Tensions
US President Donald Trump appealed to Iran to negotiate on the nuclear deal and warned that future military action could be even harsher. In response, Iran warned of retaliation against the US, Israel, and their allies. This tension further boosted demand for gold.
3. Crypto Companies Investing in Gold
According to a Reuters report, the crypto company Tether is planning to invest 10-15% of its portfolio in physical gold. This provided additional support to gold prices.
4. Weakness in the Dollar
A decline in the US dollar strengthened the prices of gold and silver.
5. Silver's Unique Story
The surge in silver prices is due to it being a cheaper alternative compared to gold, a shortage in supply, and rapidly increasing buying activity. Silver prices have increased by more than 60% so far this year.
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