Mumbai. On Tuesday, the rise in gold and silver in the global market led to a tremendous jump in the price of expensive metals in the domestic market. The price of silver, in particular, crossed the Rs 57,000 per kg mark for the first time since 2013 in the domestic futures market. At the same time, gold again created a new height. The price of gold on MACX rose to Rs 49576 per 10 grams, which is a record level so far. The price of silver has increased strongly by one day by more than six per cent. Silver is at a post-2013 high in the Indian futures market, while international futures market COMEX is at a post-2016 high.
Commodity market analysts point out that the weakening of the dollar has led to an increase in investor sentiment in gold and silver. In the Corona period, gold and silver have been steadily increasing due to increasing interest of people in investing in expensive metals. Especially the brightness of silver has increased more during the Corona period.
Silver is not only a precious metal but it is also an industrial metal and is used in jewelery as well as industry. Silver is also used in industries in many other sectors apart from electronics and photography.
In the September expiry contract for silver on Multi Commodity Exchange (MCX), it was trading at Rs 56,940 per kg, up by Rs 2935, or 5.43 per cent, as compared to the previous session, while silver traded at Rs 57,454 per kg on the earlier trading at MACX. Jumped up to a kilo, the highest level since 2013.
Gold futures on MCX was trading at Rs 49,464 per 10 gram, up by Rs 437, or 0.89 per cent, from the previous session, while the price of gold rose to Rs 49,576 per 10 gram on MCX, which is a record so far. Is the level.
Meanwhile, the September futures contract for silver in the international market COMEX was trading at $ 21.442 an ounce, up $ 1.25, or 6.19 percent, from the previous session, while silver traded at $ 21.628 an ounce during the trading session. The highest level since 2016.
The August futures contract for gold on Comex was trading at $ 1841.55 an ounce, up $ 24.15, or 1.33 percent, from the previous session, while the previous gold rose by $ 1843.60 an ounce.
Ajay Kedia, director of Kedia Advisory, said that in view of the increasing cases of corona virus infection, more attention is being paid to relief measures to support it, which is supporting gold and silver as a safe means of investment. He said that the weakness in the dollar has also led to increased investor sentiment towards expensive metals.
Market experts say that the US central bank Federal Reserve continues to infuse dollars to increase liquidity in the market, which leads investors to hard assets and safe means of investment, in which silver is currently the most attractive investment The instrument has become. On the other hand, to meet the economic challenges caused by Corona, the agreed relief package in Europe will also support precious metals.
Commodity market analyst Anuj Gupta said the possibility of rising industrial demand for silver has led to a rise in its prices. He said that silver has also got support due to increased buying of ETFs.
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