Gold and silver prices witnessed a strong surge at the start of the month, with gold rising by nearly ₹1,300 and silver reaching an all-time high. As the wedding season kicks in, investors and buyers are keeping a close watch on the precious metals market.
On the Multi Commodity Exchange (MCX), February delivery gold climbed to ₹1,30,794 per 10 grams, up from the previous session’s close of ₹1,29,504. Gold opened at ₹1,29,999 and in early trading touched a low of ₹1,29,900 and a high of ₹1,30,794. By 12:50 PM, it was trading at ₹1,30,638, up ₹1,134 or 0.88% from the previous close.
Silver prices, meanwhile, reached record levels. The metal closed at ₹1,74,981 per kg in the previous session and opened today at ₹1,77,858. Early trades saw silver rise by ₹3,668, reaching ₹1,78,649 per kg.
The surge in gold and silver prices is attributed to several factors, including a softer dollar, expectations of an interest rate cut by the U.S. Federal Reserve, and a weakening rupee. The domestic currency slipped to a record low against the dollar, further boosting demand for precious metals.
On the international front, gold saw a slight dip in Asian trading, following nearly three weeks of highs, as investors booked profits amid rising expectations of a U.S. rate cut. Silver, however, continued its upward momentum, hitting a new record.
During the previous session, both domestic and international markets witnessed a rally in precious metals. On MCX, February gold futures closed at ₹1,29,504 per 10 grams and March silver futures at ₹1,74,981 per kg.
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