The gold and silver market is once again witnessing a bullish trend today, due to which the attention of investors has been drawn towards these precious metals. Due to the instability and geopolitical tension created in the Middle-East, the prices of gold and silver are continuously rising in the global market. On the Multi Commodity Exchange, both gold and silver have seen a good surge today on Monday. In this report, we will know how gold and silver levels were on MCX today and what market experts have to say about it.
Gold and silver prices rise
Amid the rapidly deteriorating situation in the Middle-East, gold and silver prices are witnessing a sharp rally today. Silver prices on MCX on Monday saw a jump of up to Rs 4,000. Apart from silver, a good increase in the price of gold is also seen today.
A general rise in the price of gold
At around 11 am on Monday, gold for August 5 delivery was trading at Rs 1,41,163 per 10 gram, a modest gain of Rs 257 (0.18 per cent). Today, gold opened the trade with an increase of Rs 743 at Rs 1,41,649 per 10 grams, which closed at Rs 1,40,906 per 10 grams last week on Friday. By the time of writing, gold prices had touched an intraday high of Rs 1,41,649 per 10 grams to an intraday low of Rs 1,41,0801 per 10 grams.
Silver prices rise by over Rs 4,000
Today, silver for delivery on September 4 was trading at Rs 2,18,390 per kg, an impressive gain of Rs 1,987 (0.92 per cent). Silver today opened with a gain of Rs 2,796 at Rs 2,19,199 per kg, which closed at Rs 2,16,403 per kg on Friday last week. By the time of writing, silver prices had fallen from an intraday high of Rs 2,20,408 per kg to an intraday low of Rs 2,18,322 per kg. That is, silver prices have gone up by around Rs 4,005 from the previous close during the trading session.
Experts expressed fear of fluctuations in prices
Experts say on this week’s outlook that rising tensions in West Asia, rising crude oil prices and global economic data may remain volatile in gold and silver prices. Investors are watching key figures such as US weekly jobless claims and preliminary PMI, as well as monetary policy decisions and key economic signals from Europe and China, which could provide clear indications on the direction of global interest rates.
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