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New Delhi: Gold and silver prices witnessed a tremendous rise on Wednesday, January 19. Silver on MCX reached a new record high. At the same time, gold also appeared to be trading close to its highs. The effect of this rise in precious metals was also seen in the shares of MMTC Ltd today. The rise of gold and silver has increased the brightness of this holiday stock. Due to which it climbed by more than 12 percent in one fell swoop.
MMTC's stock jumped 12.10% to Rs 71.63 due to increasing confidence in bullion-related companies. The stock opened today at Rs 63.90, while on Tuesday this stock closed at Rs 63.55. This rise in the shares of MMTC is mainly due to the sharp rise in the prices of gold and silver. The continued strength in the bullion market has promoted buying in bullion-linked stocks, which has led investors to trend towards stocks like MMTC.
According to the bullion website, silver prices rose strongly by Rs 12,020 on Wednesday and it rose to a new all-time high of Rs 2,86,790 per kilogram. At the same time, gold also rose to Rs Rs 1,43,650 per 10 grams due to continuous purchase. Strong demand from stockists supported the prices of precious metals.
"Gold and silver surged sharply on Wednesday, hitting fresh record highs as softer US inflation data strengthened expectations of Federal Reserve rate cuts this year," Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd, said.
MMTC-PAMP is a joint venture of PAMP SA of Switzerland and MMTC Ltd of India. This company is active in the business of precious metals. The company claims that it is the only refinery in India, which is recognized by the London Bullion Market Association (LBMA) for both gold and silver.
(Disclaimer: TV9 does not recommend investing in any stock, mutual fund, IPO. Here only stock information is given. Consult your financial advisor before investing.)
