Gold-Silver: Gold and silver at new record level due to increase in international markets, know today’s latest price.
Delhi. Gold and silver prices reached record highs in futures trade on Friday due to record gains in international markets amid the weak trend of the US dollar and rising expectations of the Federal Reserve cutting interest rates.
On the Multi Commodity Exchange (MCX), the price of silver contracts for delivery in March rose by Rs 12,638, or about four per cent, to a new high of Rs 3,39,927 per kg. The futures price of silver had reached a record high of Rs 3,35,521 per kg on Wednesday.
Gold in MCX also rose for the fifth consecutive session and reached a new record level. The price of gold contracts for delivery in February rose by Rs 2,885, or 1.84 per cent, to Rs 1,59,226 per 10 grams. On Thursday it closed at Rs 1,56,341 per 10 grams. “The record rise in gold prices on MCX was driven by global risk factors and macroeconomic tailwinds,” said Rahul Gupta, Chief Business Officer, Ashika Group.
In the international markets, futures prices of both gold and silver reached historic levels. In Comex, silver crossed the US $ 99 per ounce mark for the first time. Silver futures for delivery in March hit a new high of $99.39 an ounce on Friday, up US$3.02, or 3.14 per cent. In the Comex market, the futures price of gold contracts for delivery in February rose by US $ 56.6, or 1.15 percent, to a record high of US $ 4,970 an ounce.
“Gold and silver prices surged to new all-time highs,” said Renisha Chainani, head of research at Augmont. Gold price reached US $ 4,970 (Rs 1,59,200) and silver price reached US $ 99.2 (Rs 3,40,000), their strongest weekly performance since March 2020. Geopolitical risks and constant demand for safe investment were the main reasons for this.
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