For some time now, the prices of gold and silver have been falling so rapidly that it has become difficult for the common man to buy jewelery or any other item made of gold or silver. Investors are also surprised by the rising prices of gold and silver. Meanwhile, a leading economist has issued a big warning regarding gold. He says that there is a fear of something big happening with the gold. Peter Schiff, chief economist and global strategist of Euro Pacific Asset Management, says that in the last five years, gold has never seen such a rise in a week. This situation is becoming very serious. In such a situation, a fear is arising regarding the prices of gold. He said that this is a serious situation. Gold is at $4,370. Tonight it can reach $4,400. This is an increase of 10% in just one week. I believe something big is about to happen.
Gold prices breached the $4,300 an ounce mark on Friday, continuing their record rally and marking their strongest weekly gain since March 2020. Spot gold rose 0.3 percent to $4,336.18 an ounce by 0233 GMT, after touching a high of $4,378.69. U.S. gold futures for December delivery rose 1 percent to $4,348.70.
So much rise in gold prices this week
Bullion prices have gained nearly 8 per cent this week on rising investor demand amid global economic uncertainty and a fresh surge in safe-haven investment flows. Ongoing concerns over US-China trade tensions and instability in regional banks, as well as expectations of further interest rate cuts by the Federal Reserve, have further contributed to the surge.
Gold and silver prices have increased this year
Gold prices have increased by 65 percent this year. This year silver has given returns of about 70%. Meanwhile, following gold’s gains, silver hit a record high of $54.35 but closed down 0.7% at $53.86 an ounce. Platinum fell 0.7% to $1,701 an ounce and palladium fell 0.4% to $1,607.93, although both metals were expected to post weekly gains.
Gold and silver prices today on MCX
On MCX today gold is trading ₹1,398 higher at ₹131,250 per 10 grams. On the other hand, silver saw marginal gains and was trading at ₹167,677 per kg. However, both gold and silver prices had risen by around ₹2,000 earlier in the day.