Following Monday, Tuesday also saw a sharp rise in gold and silver prices in the domestic market. On the Multi Commodity Exchange (MCX), silver reached a new all-time high for the second consecutive day, while gold remained above ₹1 lakh. Notably, while the future prices of silver and gold showed strength in the domestic market, gold saw a slight decline in the international market, but silver continued to shine there as well.
Gold Prices Remain Strong
When trading began on the MCX on Tuesday morning, the benchmark gold contract for August delivery opened at ₹1,00,453 with a gain of ₹124. This level remains in the upper range so far. In the previous session, this price had closed at ₹1,00,329. At the time of writing this news, the contract was trading at ₹1,00,390 with a gain of ₹61.
During the day, it touched a high of ₹1,00,453 and a low of ₹1,00,335. Although gold has made a record high of ₹1,01,078 per 10 grams this year, the prices currently seem to be moving close to that record again.
Silver Prices Reach Record High
On the other hand, silver prices saw a tremendous increase today. The future price of silver for September delivery rose by ₹549 in the morning and opened at ₹1,16,204. The previous closing price was ₹1,15,655. At the time of writing this news, the contract was trading at ₹1,16,232 per kg with a gain of ₹577.
During the day, silver touched a high of ₹1,16,275 and a low of ₹1,16,101. This price is the highest ever in the domestic market. The continuous rise in silver over the past few days has attracted the attention of investors and traders.
Gold Slightly Weak, Silver Strong in International Market
Talking about the international market, gold started with gains there, but later saw a slight decline. Gold futures on Comex opened at $3,444.30 per ounce, but at the time of writing this news, it was trading at $3,437.90 with a decline of $5.80.
On the other hand, the international futures price of silver remained b. Silver on Comex opened at $39.64 per ounce and later traded at $39.63 per ounce with a gain of $0.08. This is the second consecutive day when silver has shown strength at the international level as well.
Latest MCX and Comex Data
MCX Update (in ₹):
Gold
- Opening Price: ₹1,00,453
- Previous Closing Price: ₹1,00,329
- Current Price: ₹1,00,390
- Change: ₹61 increase
Silver
- Opening Price: ₹1,16,204
- Previous Closing Price: ₹1,15,655
- Current Price: ₹1,16,232
- Change: ₹577 increase
Comex Update (in $):
Gold
- Opening Price: $3,444.30
- Previous Closing Price: $3,443.70
- Current Price: $3,437.90
- Change: $5.80 decrease
Silver
- Opening Price: $39.64
- Previous Closing Price: $39.55
- Current Price: $39.63
- Change: $0.08 slight increase
(Note: Gold price on MCX is per 10 grams and silver is per kg, while on Comex, both are priced in dollars per ounce.)
What is the reason for the तेजी (Rise)?
Market experts say that this jump in silver prices could be due to several reasons. Globally, investors' inclination towards safe haven investments has increased. Also, domestic demand is increasing before the start of the festival and wedding season in India. At the same time, the movement of the US dollar and expectations regarding interest rates are also affecting the movement of precious metals.
Trading Volume Increased
Along with the rise in gold and silver prices, trading volume in the futures market has also increased rapidly. Especially in silver futures contracts, tremendous buying has been seen in the last 48 hours. According to MCX data, investors' interest is continuously increasing in silver.
Focus on the Commodity Market
This is a very important time for those keeping an eye on the commodity market as both gold and silver have been continuously volatile for the past few weeks. Signals from foreign markets, the position of the dollar, the policies of the US Federal Reserve, and demand related to China continue to affect these prices.
Investors' Focus on Gold and Silver Prices
This rise in gold and silver prices has also activated investors. Especially for those who have already invested, this is proving to be a profitable time. On the other hand, investors who are waiting for prices to fall are currently assessing the situation.
