Some of the most recent events suggest large fluctuations in the prices of gold and silver, locally as well as globally.
Gold prices touch a new high in Delhi.
Delhi’s bullion market received a boost today as gold prices ended at Rs. 73,310 per 10 grams, up by Rs. 200 from the last closing of Rs. 73,110. For this reason, this has been propelled by several factors, such as global economic improvements and investors’ mentality.
Silver Prices: A Record High
Similarly, silver prices went up to Rs. 93,400 per kg from their previous rate of Rs. 93,050. This positive trend indicates increased demand from industries along with investors’ inclination towards safe-haven commodities during periods of economic instability.
Global Market Dynamics
Globally, on COMEX, gold was trading at $2,363 anounce, which was $7 higher than the previous trading day. In the same fashion, silver astrin contributed to $30.55 from $30.40 due to global macro-economic factors and market speculations.
Performance Analysis and Market Perception
For this reason, market analysts such as Dilip Paramar from HDFC Securities agree that there will be fluctuations in the prices of precious metals. When it comes to bullish sentiment, geopolitics and inflation are its key drivers; however, oversold markets, a macro outlook, and critical economic indicators may be the pullback catalysts.
Futures Market Trends
On MCX Exchange for futures trading, gold futures for August 5, 2024 delivery went up 0.78% to Rs 72,930 per 10 grams. At the same time, the money managers raised their inflation bets and demand for silver futures for delivery on September 5, 2024, by 1.2% to Rs. 93,068 per kilogram as the participants engaged in active hedging due to the volatile conditions.
