In the morning, gold and silver prices rose. Silver was trading above ₹8000, while gold prices also rose by ₹250. However, by 6 pm, gold prices showed a decline, but silver was still trading above ₹7000.
At 6 pm, on the Multi Commodity Exchange (MCX), silver futures for March 5 delivery were trading at around ₹204,750, up nearly ₹7000 after hitting an all-time high in the morning. Silver had risen by more than ₹8000 in the morning, reaching its record high of ₹206,111. Talking about gold, the price of gold futures for February 5 delivery on MCX was currently down. Gold was trading at ₹134,269 per 10 grams, ₹140 lower than yesterday. At 10 am, gold prices had risen by more than ₹250 to ₹135,249 per 10 grams.
Why is silver rising so fast?
Silver prices are increasing due to domestic demand, global tension and other reasons. The biggest reason is industrial demand; Strong demand from sectors like solar panels, electric vehicles, semiconductors and green energy is driving this momentum. Uncertainty regarding the deal between India and America is also making investors cautious, due to which they are investing in precious metals. The demand for gold and silver ETFs has increased compared to other ETFs. The fall in the US dollar index is also contributing to the rise in silver prices.
International Gold and Silver Prices
In the international market, gold was trading at around $4,323.85 an ounce, while silver was trading at around $63 an ounce. Strong global demand is pushing up both gold and silver prices. Globally, silver is also trading above its record high.
What will happen next?
Experts say that due to continued bullishness, there may be a risk of profit-taking in the short term, but the bullish trend may continue in the long run. Industrial demand remains strong, which could keep silver prices rising.
