Gold and Silver Price Outlook: Amid the ongoing tension in the Middle East, a sharp decline in the prices of gold and silver continues. However, some recovery was seen in gold and silver prices on Tuesday after the US President on Monday decided to postpone the attack on Iran’s power plant for 5 days. But, there are still doubts about the effectiveness of Trump’s announcement, due to which investors remain cautious. Meanwhile, well-known commodity expert and director of Kedia Advisory, Ajay Kedia said that the prices of gold and silver may continue to fall in the near term.
How far can gold and silver prices fall in the near future?
Ajay Kedia said that the price of gold may fall to the level of Rs 1,15,000 per 10 grams. Whereas, the price of gold in the international market may fall to the level of 3450 to 3500 dollars per ounce. Regarding the prices of silver, Ajay Kedia said that its prices on MCX (Multi Commodity Exchange) can fall to Rs 1,75,000 per kg. However, he also said that historically, after initial decline due to war, gold and silver often recover in the later stages. This indicates that gold and silver prices may rise again in the second half of the year.
Gold prices rise after 4 days of decline in bullion market
Let us tell you that after Trump’s announcement, the continuous decline in gold prices in Delhi’s bullion market for 4 consecutive days stopped today. According to All India Bullion Association, a rise in gold prices was seen on Tuesday. On the other hand, there was no change in the price of silver. Today, gold of 99.9 percent purity increased by Rs 1,200 to Rs 1.44 lakh per 10 grams. Apart from this, there was no change in silver prices today and remained stable at Rs 2.30 lakh per kg. Traders said that the rise in gold prices was due to the improvement in the global commodity market and buying at lower levels after the huge fall.