Editor’s Note
Gold and silver futures on India’s MCX have surged to unprecedented levels, with gold reaching ₹1,56,754 and silver hitting ₹2,54,490. This marks a historic peak for both precious metals in today’s trading session.
In the MCX futures market today, gold touched a historic level of ₹1,56,754 and silver reached ₹2,54,490, setting new records.
In today’s trading session of the week, gold and silver prices are witnessing significant volatility. Data from futures trading on the Multi Commodity Exchange (MCX) indicates that investor sentiment towards precious metals is shifting. If you are planning to buy jewelry today or want to invest in gold, this news is very important for you. In the futures market today, gold has gained momentum, trading at a record level of ₹1,56,754 per 10 grams on MCX. Meanwhile, silver has also seen a stormy surge, touching the level of ₹2,54,490 per kg. This stormy rally in precious metals has surprised both investors and the bullion market, which could affect purchasing decisions.
According to the latest update, a change in gold’s shine has been observed in the futures market today. The fluctuations in the Dollar Index in the global market are having a direct impact on the domestic market. When the market opened this morning, investors remained cautious. The cycle of minor gains and declines in 24-carat gold prices continues. Experts say that despite the wedding season, buyers are still in a ‘wait and watch’ situation, leading to continued volatility in the futures market.
On the other hand, silver’s shine is dependent on industrial demand. Due to increasing consumption of silver in the electric vehicle and solar panel industries, its prices may see strength. Silver’s futures price on MCX is trading within a limited range. Those buying silver today may have to loosen their purse strings a bit more, as the white metal appears strong in the global market.
According to market experts, gold and silver rates are fluctuating due to upcoming decisions regarding the US Federal Reserve’s interest rates and geopolitical tensions. Whenever there is uncertainty in the stock market, investors rush towards gold as a safe investment, driving up prices.
Middle-class families are somewhat perplexed by the continuously changing prices. They believe the government should reduce import duty so that gold remains within the reach of the common man.
Commodity experts advise keeping an eye on the evening trading session. A major change in prices could occur after the US market opens.
The movement of the Indian Rupee against the Dollar will also determine gold’s final price. If the Rupee weakens, gold could become even more expensive.
While on one hand, physical gold requires visiting a showroom, the new generation is now attracted towards digital gold and Sovereign Gold Bonds (SGB). These do not involve making charges or the fear of theft. Looking at today’s futures prices, many experts are calling investment in ‘E-Gold’ a smart alternative over physical gold.