Top News

New Delhi: Precious metals in the international markets have made a spectacular comeback on Tuesday, February 3, after a huge fall for three consecutive days. The spot price of gold saw an increase of about 4%, while silver registered a huge rise of around 8%. This recovery is driven by strong demand and bargain hunting from investors after the record-breaking decline in previous sessions.

Recently, the sudden fall in the prices of gold and silver had shaken the market. Gold slipped below the crucial $5,000 an ounce level, while silver fell as much as 27% in a single session, one of the biggest one-day falls in history. Gold lost a total of more than 13% and silver lost almost 34% in the last few sessions, wiping out a major chunk of the year’s earnings.

The fall began after a long sharp rally that saw gold reach an all-time high of $5,594.82 an ounce. But factors like profit booking, news of US President Donald Trump’s nomination of Kevin Wersh as Federal Reserve chair and increase in margin requirements for precious metals futures by CME Group led to a selloff in the market. The price of gold fell by almost $900, one of the largest one-day drops since 1983 (about 10%).

Today’s strong recovery has given new hope to the market. Spot gold reached around $4,830 an ounce, while spot silver climbed to $82.74. Some reports show gold trading at $4,800-4,839 and silver at $83-84, which confirms the bullishness.

Investors are now keeping a cautious eye, as global uncertainties, geopolitical tensions and economic indicators may still impact prices. Experts believe that demand for gold and silver will remain strong in the long term, but short-term fluctuations may continue.