Gold and Silver Price: Experts say silver and gold are expected to rise this week as investors sought safety in safe-haven assets amid renewed trade tensions following US President Donald Trump’s decision to increase global tariffs and rising geopolitical tensions in West Asia. People working in the market will pay attention to some important economic data to know the price trends of precious metals. These include America’s producer price index, people’s economic confidence, weekly unemployment claims and interest rate decisions by China’s central bank.
Donald Trump’s latest decision creates uncertainty in global trade
Choice Broking said Trump’s decision to increase global import tariffs following the Supreme Court decision in the US and rising geopolitical risks have created uncertainty in global trade, pushing investors towards safe haven gold and silver. Silver prices on Multi Commodity Exchange (MCX) increased by Rs 8584 or 3.5 percent last week, while gold prices increased by about Rs 981 or one percent.
Gold prices remained in a limited range till February 20
Prathamesh Mallya of Angel One’s research department said, “Till February 20, gold prices remained in a limited range. The price of gold on MCX varied between Rs 1.5 lakh to Rs 1.6 lakh per 10 grams. Weak US economic data and rising geopolitical risks pushed gold prices higher. Investors also kept in mind the possibility of interest rate cuts by the Federal Reserve.
Gold can reach Rs 1.61 lakh per 10 grams
Mallya said rising tensions in West Asia, the Russia-Ukraine war and broader market volatility have prompted some investors to invest in gold to avoid uncertainty. “Overall, precious metals remained in a risk-free sentiment this week,” he said. We expect gold prices to rise to Rs 1.61 lakh per 10 grams.
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