futures Once again a rise in the prices of gold and silver was seen in the market. Weaker than expected inflation data in America has once again raised hopes of the Federal Reserve cutting interest rates this year. On Friday, March 5, silver prices on MCX rose by 3.62% (Rs 8564) to Rs 2,44,999 per kg. Along with silver, gold for April delivery also rose marginally by 0.2 percent (Rs 305) to Rs 1,56,200 per 10 grams.
Spot silver became costlier by 2.1 percent
In the international market, there was a sharp rise in gold and silver once again after the selloff of the previous session. Spot silver rose 2.1% to $77.27 an ounce, having fallen 11% a day earlier. Spot gold also increased by 2.33% to $ 5063 per 10 grams and now its price is up a little more than 1% this week. The recovery in gold and silver prices comes after bullion fell nearly 3% on Thursday, hitting its lowest level in almost a week.
What is the outlook for gold?
The support band of Rs 1,50,000 per 10 grams remains a strong zone for gold, which is attracting both physical buying and investment flows. Experts say that a sustained rise above Rs 1,60,000 per 10 grams may resume bullish momentum in gold from Rs 1,65,000 to Rs 1,70,000. Furthermore, unless COMEX gold completely breaks its structural support cluster, major downside risks remain limited.
What do experts say about silver prices?
Apart from Gold, MCX Silver continues to form a durable base inside the structural support zone of Rs 2,33,000-2,35,000 per kg. Price action shows gradual absorption, with downside momentum much weaker than last week’s ups and downs. A major breakout above Rs 2,65,000 would probably attract momentum participation which would look to surge above Rs 2,80,000 per kg in the medium term as silver is supported by tightening global supply dynamics and steady industrial offtake.
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