New Delhi: Today, the precious metals Gold and silver prices have climbed then without recent volatility, sparking fresh talk among traders and buyers well-nigh where the metals are headed.
On Friday, gold in the India bullion market was trading at well-nigh Rs 1,50,882 per 10 grams, while silver hovered virtually Rs 2,44,929 per kilogram.
What was the price of gold and silver today?
This morning on MCX, the forfeit of 24 carat gold stood at 1,56,600 per 10 grams, while 22 carat gold was priced at Rs 1,43,550 per 10 grams and silver was trading at 2,85,000 per kilogram.
In the last few days, huge fluctuations have been seen in both gold and silver. Both the metals had touched record highs at the end of January, but then there was a wave of selling.
Why there is transpiration in rates?
According to analysts, the major reasons overdue changes are:
- Weakness in the prices of gold and silver in the international market.
- The strengthening of the US dollar, which put pressure on demand for precious metals.
- Speeding up the process of withdrawing profits by investors.
When the dollar strengthens, spending by foreign buyers increases and this reduces demand for unscratched investments like gold and silver.
How much lower are the prices from their record highs?
Gold and silver touched their record highs on January 29. According to MCX, the record upper level for gold is Rs 1.93 lakh, while the record upper price for silver is Rs 4.20 lakh.
Will the Gold price navigate Rs 1.75 Lakh mark?
Traders say the recent rise reflects renewed strength in global markets and some local ownership interest.
Market analysts point to technical trends in futures trading. If gold manages to stay whilom recent support levels, they believe it could climb toward Rs 1,75,000 per 10 grams in coming sessions. For silver, the discussion among some traders is whether it could revisit levels near Rs 3,30,000 per kilogram if demand picks up and volatility eases.
How did gold and silver trade on Feb 6?
On the MCX, gold prices opened sharply lower and remained under pressure in early trade on Friday. The yellow metal was trending virtually Rs 1.50-1.54 lakh per 10 grams without a weak start in the early session. Silver moreover declined in early trade, going lanugo to virtually Rs 2.29-2.46 lakh per kg. Without some time, due to increased demand in the market, gold rose by well-nigh Rs 1,600, but fluctuations unfurled throughout the day.
