Gold Silver Price: Gold and silver prices have reached a record level last week. Experts believe that this week also can continue the rise in the price of both precious metals. However, there is always a twist in the market. Sometimes profits, sometimes the stir of global economic figures. Let us know from experts, what things should be monitored by gold and silver investors this week.
Due to the continuous growth and rally of gold
The December delivery gold futures on MCX closed at ₹ 1,14,891 per 10 grams last week. It went to ₹ 1,15,139 during the week. From the end of June, 12 consecutive weeks leads that gold is still strong.
Pranav Mer, Vice President of Commodity and Currency at JM Financial Services, says that the strong economic figures, dollar weakness, geopolitical stress and demand for domestic festivals have pushed gold prices.
Silver leaves gold behind
Silver performed better than gold this week. The December delivery silver closed at ₹ 1,41,889 per kg and touched a record level of ₹ 1,42,189 a week.
According to Pranav Mer, this year the price of silver has increased by 60% so far, while gold has increased by 45%. They estimate that silver price may soon go up to ₹ 1,50,000-1,70,000 per kg. The current price of silver is Rs 1.4 lakh per kg. This means that silver prices may rise by 21.4%.
Which factor will the market be eyeing?
This week, investors will eye on global manufacturing and services PMI data, US employment figures and consumer confidence. In addition, speeches of Federal Reserve officials can also decide the direction of gold and silver.
Pankaj Singh, a founder and principal researcher at Smartwealth.Ai, believes that American data and Fed policies will affect the market. However, gold demands will remain as demand for festivals and safe investment.
Trust of investors and central banks
According to IMF data, the dollar share in the global reserve has come down to 58%. At the same time, gold stake has increased by 24%.
Commodity head NS Ramaswamy in Ventura says that central banks and long -term investors are considering gold and silver as safe investment. This is the reason that the market still remains in the boom. Ramaswamy believes that the price of gold can bounce up to about 9%. The price of 24 carat gold in Delhi is Rs 1,15,630 per 10 grams. If it rose by 9%, it can go up to Rs 1.26 lakh per 10 grams.
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