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Kolkata: Gold and silver prices raced to new lifetime peaks acting on the cues of a weak dollar and hints of further interest rate cuts by the US Fed. In the afternoon, on MCX silver March contracts surged to Rs 12,638, or about 4%, setting a new summit of Rs 3,39,927 per kg. It bettered the futures on Wednesday at Rs 3,35,521 per kg.
Gold too rose to a fresh peak price of Rs 1,59,226 per 10 grams on the MCX. This marked a price rise for the fifth day on the trot. The jump was by Rs 2,885, or 1.84%.
In the morning gold and silver prices began rising in early trade. On January 23, gold reached record levels of Rs 1,59,130 and silver has touched Rs 3,35,800. In just one week, gold jumped by Rs 16,000 and silver by Rs 47,510. Analysts predicted more gains on MCX while the international market is also witnessing a rise.
In fact, there is no sign of weakness in the price of gold and silver on a sustained basis. The surge in the bullion market lifted gold to Rs 1,59,130 and pushed silver to Rs 3,35,800. The strength came after weakness on Jan 22 when the price of gold fell Rs 2,500, or 1.56%, to touch Rs 1,57,200 per 10 grams. Earlier, gold had closed at an all-time high of Rs 1,59,700 per 10 grams, and silver prices fell Rs 14,300, or 4.3%, to close at Rs 3,20,000.
According to MCX, gold futures rose 1.30% touching Rs 1,58,377 while silver prices also jumped 2.66% reaching Rs 3,36,000. The price of 24 carat gold on Tanishq is quoted at Rs 1.54 lakh. There was no change in the price on Jan 23 in Tanishq.
Gold and silver prices kept rising in the global markets too. Spot gold prices jumped 2.44%, thereby rising $118.35 to touch $4,952 per ounce. Silver prices also surged more than 6%, appreciating $5.97 to reach $98.82 per ounce.
This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.)
