Global and domestic gold and silver prices recorded a notable rise on Tuesday, supported by increased demand for precious metals in international markets, growing investor interest in safe-haven assets, and ongoing global economic uncertainties. The gains were reflected in the Indian market, where both metals traded at higher levels on the Multi Commodity Exchange (MCX).
The rise in precious metal prices comes as investors continue to closely monitor global interest rates, inflation trends, geopolitical tensions, and the policy stance of major central banks. Market experts said these factors have once again made gold and silver attractive investment options for investors.
In the international commodity market, both gold and silver prices advanced on COMEX amid increased demand for safe-haven assets. Gold, traditionally regarded as a safe investment during periods of economic uncertainty and financial market volatility, saw ber demand from global investors.
COMEX gold rose about 0.61% to $4,115.40 per ounce, while silver outperformed with an increase of around 1.78%, trading at $58.885 per ounce.
The strength in international markets was also reflected in the Indian futures market. On the Multi Commodity Exchange (MCX), both gold and silver registered notable gains. Gold traded around ₹1.43 lakh per 10 grams after rising by approximately ₹700, while silver climbed to nearly ₹2.19 lakh per kilogram. The gains in the domestic market reflected both global market strength and sustained demand from Indian investors.
Financial experts said the recent rise in gold and silver prices has been driven primarily by investors' preference for safe-haven assets. During periods of uncertainty in equity markets or concerns over the global economy, investors tend to shift toward assets such as gold and silver.
They added that movements in the US dollar, the US Federal Reserve's interest rate policy, global inflation data, and international political developments also influence precious metal prices. If global economic uncertainty persists in the coming days, gold and silver prices may continue to witness volatility.
For buyers planning to purchase gold or silver, it is advisable to check the latest prices before making a purchase. After witnessing gains throughout Monday, August 3, gold and silver prices recorded a sudden decline during the night session, contributing to volatile market conditions.
