A contradictory trend was seen in the prices of silver and gold in the national capital on Friday. According to All India Bullion Association, silver prices rose by ₹1,800 to ₹2.40 lakh per kg, while gold prices fell by ₹650 to ₹1,52,650 per 10 grams. The price of white metal silver rose to ₹2,40,500 per kg (including all taxes) from Thursday’s ₹2,38,700 per kg, a rise of about 1 per cent. At the same time, gold of 99.9% purity fell for the third consecutive day and closed at ₹ 1,52,650 per 10 grams, whereas in the previous session it was ₹ 1,53,300 per 10 grams.
There is pressure on gold prices
Gold prices remain under pressure due to global cues in favor of the US dollar and geopolitical instability. According to the news, analysts say that gold prices remain under pressure due to global cues and geopolitical instability in favor of the US dollar. According to Dilip Parmar, Senior Research Analyst, HDFC Securities, “The US-Israel-Iran conflict has led investors’ capital to safe haven dollar and crude oil, keeping precious metals under pressure. In the international market, spot silver fell nearly 1 per cent to USD 72.18 an ounce, while gold was up 0.27 per cent at USD 4,663.54 an ounce.
There is caution in the market
Gaurav Garg, Research Analyst, Lemon Markets Desk said that gold has seen a slight recovery amid recent selling and renewed interest from investors, while silver remains under pressure from a stronger dollar. He further said that the main reason for volatility is the tight policies of the US Federal Reserve, which has kept the interest rates stable but has hinted at a possible rise, due to which the market remains cautious. Jatin Trivedi, VP Research Analyst- Commodity and Currency, LKP Securities, said the broader market environment is still subdued.
He says interest rates will remain high and geopolitical tensions are keeping crude oil prices strong, creating inflation concerns and limiting the upside potential for gold. He further said that gold prices may remain weak in the near future and high volatility is likely to persist.