The bullion market continues to glitter as both gold and silver prices witness a sharp rise, driven by strong festive and wedding season demand. After a brief calm, the yellow metal is once again on an upward trajectory, reflecting renewed investor and consumer optimism.
Gold prices surge on MCX by Rs 660 intraday
The yellow metal has surged by around Rs 1,900 from today’s intraday high of Rs 1,25,839, compared to the previous close of Rs 1,23,970.
Currently, gold is trading around Rs 1,24,890, marking a 0.74 per cent rise on the Multi Commodity Exchange (MCX).
Market analysts note that the domestic gold market has remained bullish for the past two days, fueled by strong wedding season demand. The demand for gold in the ornamental category typically surges during these months, experts says.
Investors and market watchers are also closely watching for potential buying opportunities of precious metals like gold and silver.
In the international market, gold prices are hovering around $4,138.56, up 0.59 per cent.
Overall, the yellow metal has gained 0.6 per cent today, while over the past 30 days, it has inched up by 0.04 per cent.
Experts, however, caution that despite the current rally, a short-term price correction cannot be ruled out before the next leg of the uptrend. They believe gold and silver prices are likely to “touch the skies” in the coming weeks as seasonal demand peaks.
Silver prices extend gains
The white metal reflected gold’s momentum, showing notable strength in today’s session.
Silver is currently trading around Rs 1,55,359, up 1.09 per cent. Intraday, prices rose by Rs 1,668 from yesterday’s close of Rs 1,53,691, hitting a high of Rs 1,56,079.
In the international market, silver is trading near $51.17, registering a 1.62 per cent rise.
During intraday trade, prices climbed 1.56 per cent, though the metal has seen a 2.90 per cent decline over the past 30 days.
Festive glow to continue
With the wedding season in full swing and investor sentiment staying positive, bullion experts expect both gold and silver to remain well-supported in the near term. While short-term corrections are possible, the overall trajectory for precious metals appears upward, driven by cultural demand and global market cues.
Expert Opinion: What lies ahead for gold and silver?
In an interview with Zee Business Sabyasachi Ray, Executive Director, GJEPC, said:
“This calm in the bullion market is temporary, not permanent. People’s positive sentiment toward gold isn’t fading away. The wedding season has, and just like the market rallied before Dhanteras, we’ll likely see another uptick during this wedding season.
After Diwali, demand dipped slightly because investors believed prices might fall further — or if they start rising again, they should buy early. Confidence has dropped about 10 per cent, but it will bounce back strongly during the wedding season.”
Chetan Thadeshwar, MD, Shringar House of Mangalsutra, added:
“It’s quite normal to see a post-Diwali dip in gold and silver prices. Gold has corrected by about 10 per cent , but it’s still holding above Rs 1,20,000 per 10g.
Buyers should see this dip as an opportunity during the wedding season because this calm won’t last long. Even if prices rise slightly in this season, people’s confidence will grow, leading to higher demand — and consequently, higher prices. There’s very little chance of a major price drop.”