Amidst the strong and mixed signals from the global markets, a very surprising news is emerging for the gold and silver investors in the Indian bullion market. Completely opposite trends have been seen in both the precious metals in the bullion market of Delhi. While on one hand there has been a tremendous rise in gold prices, on the other hand silver buyers and investors have had to face a huge fall. According to the latest data released by All India Bullion Association, this movement of gold and silver has forced even the big giants of the commodity market to think.
Strong rise in gold prices, prices crossed ₹ 1,60,000
In the bullion market, gold prices have become rocket due to increase in domestic demand amid wedding and festival season and boom in the international market. In the spot market of Delhi, 24 carat gold of 99.9 percent purity has become costlier by ₹ 700 per 10 grams. After this big rise, the price of gold has now increased to a new high of ₹ 1,60,300 per 10 gram (including all local taxes and GST). Let us tell you that in the previous trading session i.e. on Wednesday, the closing price of gold was recorded at ₹ 1,59,600 per 10 grams. After this surge, the shine of gold has once again increased in the bullion markets.
Silver investors got a big shock, historical fall of ₹ 3800 in a single day
In contrast to this bumper rise in gold, heavy selling was seen in the silver market on Wednesday, which has given a big shock to the investors. A huge and historic fall of ₹ 3,800 per kg has been recorded in the price of silver in Delhi bullion market within a single day. After this huge crash, the latest price of silver has fallen to ₹ 2,65,700 per kg. Whereas in the last trading session, silver was trading at the level of ₹ 2,69,500 per kg. Market experts believe that this huge reduction in silver prices has been seen due to profit-booking being dominant at the local level.
Condition of international market and big predictions of experts
Amidst this turmoil in the Indian market, if we talk about the global market, the trend of gold in the international market remains strong. In the global market, spot gold is trading at $ 4,471.79 an ounce with an increase of about 1 percent. At the same time, the price of silver in the international market also increased by 1.14 percent to $ 73.56 per ounce.
Jatin Trivedi, Vice President and Commodity and Currency Research Analyst of the country’s well-known brokerage firm LKP Securities, has shared his important opinion on this unique and fluctuating trend. According to Jatin Trivedi, the price of gold in the domestic market is currently trading in a range-bound around ₹ 1,59,300 per 10 grams. Giving a big hint further, he said that the weakness of about 1.5 percent in global crude oil prices can act as a big booster and support for gold prices in the coming days, due to which the bullish trend in gold can continue in future.
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