Gold and Silver Prices: Yellow and White metal experienced a varied trend this evening, where gold showed a slight drop and silver, on the other hand, was quickly corrected after setting a new record yesterday. The traders and investors showed a careful attitude owing to the continuous global cues and market sentiments changes.
Gold rates today
Gold prices hovered around Rs 1,27,400, marking a 0.34 per cent drop from the previous close. The metal fell by Rs 432 compared to yesterday’s previous close of Rs 1,27,832.
Interestingly, the day began on a positive note, with gold showing early optimism on the MCX and trading near Rs 1,28,021 during the morning session. Throughout the day, the yellow metal fluctuated within a wide range, hitting an intraday high of Rs 1,28,217 per 10 grams and an intraday low of Rs 1,26,872.
This comes after gold flashed strong momentum yesterday, supported by ETF inflows that sent encouraging signals to the market.
Gold in global market shows resilience
In the international market, gold continued to hold steady amid global uncertainty. Prices were seen hovering around $4,202.77, registering a modest 0.02 per cent uptick.
The slight increase is a sign of continuous investor trust globally, above all because of the markets’ expectations of possible changes in the U.S. Federal Reserve’s policy.
Silver prices declined after hitting record levels
Silver, which surged to historic highs yesterday, witnessed a sharp correction today. The white metal was seen trading around Rs 1,74,634, reflecting a 2.05 per cent decline. This marks a drop of Rs 3,659 from its previous close of Rs 1,78,293.
On Wednesday, silver touched an all-time high of Rs 1,80,748, driven by strong global cues and heavy speculative activity. During today’s session, silver recorded an intraday high of Rs 1,78,653 and an intraday low of Rs 1,73,867, indicating significant volatility in trade.
Is the silver rally a panic rise?
In a conversation with Zee Business, Suvankar Sen, MD and CEO of Senco Gold, expectations of a dovish US Federal Reserve, with a new Fed Governor expected to begin slow, gradual rate cuts, is further boosting silver. He added that there is a 90 per cent probability of a Fed rate cut next week, and markets must be prepared.