After Friday’s fall, a new surge was seen in the prices of gold and silver as soon as the country’s futures market opened on Monday. The prices of gold and silver have reached new highs in the futures market of the country. According to the data, gold prices have increased by more than ₹2,300, while silver prices have gained more than ₹5,800. Gold and silver prices fell well below their 52-week highs on Friday. Gold prices on MCX have increased by more than 61% this year, while silver prices have increased by almost 75%.
Experts believe that the main reasons for the rise in gold and silver prices on Monday are the reduction in physical supply and the escalating tariff war between the US and China. Investors are now turning to investing in gold and silver. However, the bullish trend in both the prices is likely to continue for some time. This tension between America and China is unlikely to continue for long. Let us tell you what the prices of gold and silver have reached…
Gold prices made a new record
A huge jump is being seen in the prices of gold on the country’s futures market Multi Commodity Exchange. According to the data, at 10:06 am the price of gold rose by Rs 1,961 to Rs 1,23,325 per ten grams. During the trading session, gold prices rose by Rs 2,316 to Rs 1,23,680 per ten grams. Gold opened at Rs 1,23,239, whereas on Friday its price was seen at Rs 1,21,364 per ten grams. Although gold prices had reached a record high on Thursday, they fell on Friday due to profit-booking.
Silver prices also at record high
On the other hand, silver prices are reaching record highs on the country’s futures market Multi Commodity Exchange. At 10:10 am, the price of silver rose by ₹5,140 to ₹1,51,606 per ten grams. During the trading session, silver price rose by ₹5,856 to ₹1,52,322 per kg. Silver had opened at ₹1,48,500, while on Friday the price of silver had fallen to ₹1,46,466 per kg. Experts believe that silver prices may rise in the coming days, however, on Friday, silver prices fell well below the record level.
How much did gold and silver rise this year?
If we talk about the current year, a significant increase has already been seen in the prices of gold and silver. According to the data, on December 31, the price of gold on MCX was ₹76,748 per kg. Since then, the price of gold has increased by ₹ 46,932 i.e. 61.15 percent. Meanwhile, silver prices have increased by nearly 75 percent this year. According to the data, silver prices, which were at ₹87,233 per kg on December 31, have now reached a record high of ₹1,52,322. That means till now the prices of silver have increased by ₹ 65,089.
Trade war is the main reason for growth
According to Anuj Gupta, Director of Wealth, the main reason for the rise in gold and silver prices is the trade war between America and China, due to which investors are looking for safe investments. He said that further increase in the prices of gold and silver may be seen in the coming days. He further said that the reduction in the supply of physical gold and silver is also contributing to the steady rise in the prices of the precious metals. He said that by Dhanteras, gold prices are expected to remain at the level of ₹1.30 lakh, while silver prices may reach ₹1.55 lakh.
