There was a stormy rise in gold and silver, gold was sold for ₹ 1.38 lakh and silver for ₹ 2.14 lakh in Mumbai.

Gold-Silver Price Hike: The prices of gold and silver are rising rapidly and everyone is surprised to see this. On Monday, due to the huge activity of central banks, institutional investors and speculators in the global markets, there was a tremendous rise in gold and silver and the prices reached historical heights. While gold appeared to be near $4500, silver reached near $70. The impact of the global boom was felt in the Indian markets also. Despite very weak demand, Zaveri market witnessed strong growth.

Where gold became costlier by Rs 1600 per ten grams and the price of 24 carat gold became Rs 1.34 lakh per ten grams. With tax (GST) the price reached a record high of Rs 1.38 lakh. There was a huge rise of white metal silver by Rs 7400 per kg and the price became Rs 2.08 lakh per kg. With GST the price reached Rs 2.14 lakh.

Gold in New York is $4500, Silver is around $70

Till the time of writing the news, the February futures price of gold in New York was trading at $ 4464 per ounce with a huge increase of $ 70 or 1.6%. Whereas the March futures price of silver was at $ 69.20 an ounce with a rise of 175 cents or 2.5%. Whereas in the Indian futures market MCX, the January futures price of gold rose by Rs 1960 to Rs 1,34,350 and the February futures of silver rose by Rs 5500 to Rs 2,14,440. This is the highest level so far.

Silver became costlier by 57% in 3 months

It is worth noting that a strong bullish trend has been going on since the beginning of this year, but the prices have been on fire for the last three months. There has been a record-breaking rise of 131% in silver in the entire year and there has been a rise of 57% in the last three months alone. Similarly, gold has become expensive by 69% this year and has increased by a huge 18% in just three months.

The rise will continue, but there is risk in silver: Sanjay Shah

Jewelmakers Welfare Association President Sanjay Shah, who had accurately predicted gold to reach $4500 and silver to reach $70 an ounce, now says that there is every possibility that the bullish phase will continue further, but now the risk in silver has increased a lot because there is more speculation than actual demand. Although silver can go up to $80, there is a need to invest very carefully.

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As far as gold is concerned, in gold central banks And there is huge demand from institutional investors. People’s confidence in the US dollar is decreasing in the world and people are buying gold by selling dollars. Therefore the risk in investing in gold is less. There is no possibility of further decline and now the next target will be $ 4800 and after that $ 5,000.

Vishnu Bhardwaj reports from Mumbai for Obnews…