Gold and silver prices are continuously increasing due to global sentiment and industrial demand. Gold and silver are touching their all-time high levels every day. There was a huge surge in silver prices on Friday alone, increasing by ₹17,000. Gold also remains at its record high. On Friday, silver on MCX increased by ₹17,000 and crossed ₹2.40 lakh. On the same day, it also touched an all-time high of ₹242,000 per kg. Gold prices rose by ₹70 and closed at ₹139,940.
Silver became costlier by ₹32,000
If we look at the figures for every week, it is shocking. On Friday, December 19, the price of silver was trading at around ₹208,000, but now, in just a week, the price of silver has increased by almost ₹32,000 to ₹240,000. The price of gold has also increased. On December 19, the price of 10 grams of gold was ₹134,196, and today its price is close to ₹140,000. In this way, the price of gold has increased by ₹ 6,000 in a week.
Why are gold and silver prices increasing so rapidly?
Internationally, gold and silver prices have reached their record high levels. This is the reason why the prices of gold and silver are increasing in the Indian market also.
The dollar has weakened, and expectations for an interest rate cut by the Federal Reserve are rising. With Fed rate cuts, investors turn to safe investments like gold and silver.
Industrial demand for silver has also increased rapidly, due to which silver prices are skyrocketing.
Due to political tensions, oil markets and conflicts, investors are buying more gold and silver to avoid risk.
How much higher will silver prices go? Some experts believe that global tensions, industrial demand, a weak dollar and possible interest rate cuts by the Federal Reserve will keep gold and silver prices rising, causing them to reach record levels. By 2026, gold may reach ₹1.56 lakh for 10 grams, while silver prices may exceed $100 per ounce. In the Indian market, this means silver prices could potentially range from ₹2.80 lakh to ₹3.20 lakh. However, experts also warn that there is a risk of profit-taking in the short term.