There has been a tremendous movement in the prices of gold and silver today. After two days of continuous decline, today the market took such a turn that even the investors were shocked. Especially a big jump of Rs 8000 has been recorded in the price of silver. As soon as the market opened on MCX, both gold and silver were seen in green, but in the afternoon silver gained momentum. At around 3:55 pm, the price of silver rose by Rs 8,416 to reach Rs 2,37,199 per kg.
Today’s latest price on MCX
Gold and silver rates opened with a rise today on the Multi Commodity Exchange (MCX). There was a slight increase in the morning, but as the day progressed, buying in the market increased. A significant rise in gold prices was also recorded. This sudden surge made both traders and investors active. The market mood seems completely bullish.
Why did silver become expensive by Rs 8000?
There are many reasons behind the jump of Rs 8000 in the price of silver. After the huge fall of the last two days, short covering was seen in the market. Those who had bet on the fall started cutting their positions. Due to this suddenly purchasing increased and prices started rising.
3 big reasons for the rise in gold
There are three main reasons behind the rise in gold prices. First, short covering. Second, the ongoing talks between the US and Iran and fluctuations in the dollar index, due to which investors are again considering gold as a safe haven. Third, low trading volumes in the Asian market due to Chinese New Year holidays, leading to large fluctuations even on light buying and selling.
Period of high volatility in the market
At present there is a lot of ups and downs going on in the market. The prices are sometimes swinging up and sometimes down. This time is going to be a bit cautious for small investors. Intraday traders should be especially careful as the market can reverse at any time.
What is the right strategy for investors?
Analysts believe that those who want to invest for the long term can buy in small quantities when the stock falls. Such opportunities can prove beneficial for a horse in a long race. But those who trade for the sake of daily earnings, they should proceed thoughtfully. At present the gold and silver market is very hot, hence it is wise to avoid haste.
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