Till the time of writing the news, silver for March delivery on Multi Commodity Exchange (MCX) reached Rs 2,36,727 per kg with a rise of Rs 12,298 or 5.48 percent. At the same time, gold for February delivery increased by Rs 1,382, or 1.02 percent, to Rs 1,36,324 per 10 grams. During the trading session, silver made an intraday high of Rs 2,36,980 and gold made an intraday high of Rs 1,36,403.
Gold prices fell in global markets on Monday. Spot gold fell 4.5 percent to $4,330.79 an ounce, while US gold futures for February delivery fell 4.6 percent to $4,343.60 an ounce.
Earlier during the rise, gold had reached $ 4,584 per ounce and silver had reached $ 82.67 per ounce, but later both the metals could not maintain their lead.
According to experts, the decline was due to excess buying (long positions), margin raising by the Chicago Mercantile Exchange (CME) and less trading due to holidays, which led to greater price volatility.
However, the demand for gold and silver as a safe haven still remains. Investors are still showing interest in these metals due to tensions related to Russia and Ukraine and tensions between the US and Venezuela.
Experts said that silver prices are being supported by less availability and less stock in the market. Gold has large reserves, but silver does not have such large reserves, due to which its price fluctuates quickly.
Rahul Kalantri, Vice President, Commodities, Mehta Equities Limited, said that gold may find support between Rs 1,33,550 to Rs 1,31,710, while it may face resistance between Rs 1,36,850 to Rs 1,38,670. Whereas for silver, support is between Rs 2,19,150 to Rs 2,17,780 and resistance is between Rs 2,26,810 to Rs 2,28,970.
According to a recent report by Motilal Oswal Financial Services, the stock of silver is continuously decreasing in many big markets of the world, which makes it clear that the availability of silver in the market is becoming limited.
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