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These days, the country’s bullion market is witnessing a historic rise in the prices of precious metals, due to which common investors and buyers are holding their breath. The uncontrolled rise in the prices of gold and silver within the last few days has become the main topic of discussion in the market. Especially in view of the festive season and the days approaching weddings, this huge increase is taking a toll on the budget of the common man. From Multi Commodity Exchange (MCX) to local markets, new record levels of gold and silver are being seen.

Huge jump in gold and silver prices in three days

Talking about the last three trading sessions, a strong increase of about Rs 6,400 per 10 grams has been recorded in the price of gold in the bullion market. On the other hand, the shine of silver has not faded but its price has also seen a huge jump of about Rs 14,000 per kg. Due to this stormy rise, the price of 24 carat gold in the domestic market has crossed the figure of Rs 1.60 lakh per 10 grams. This continuously increasing pace of precious metals has proved that the confidence of investors in these metals as a safe investment is continuously getting stronger.

What is the latest situation on Multi Commodity Exchange (MCX)

Following the signals from the international market, huge buying is being seen in gold and silver futures contracts on Multi Commodity Exchange i.e. MCX. The futures price of gold on MCX is trading strongly above Rs 1.60 lakh, while the futures price of silver is also seen trading around Rs 2.45 lakh per kg. Experts believe that due to the weakness of the dollar index in the global market and American economic policies, the inclination of investors towards bullion market has increased rapidly, due to which the domestic futures market is continuously rising.

Latest rates of gold and silver in major metros of the country

There is a slight difference in the prices of gold and silver in different cities of the country depending on the local tax, octroi and making charges. The retail price of 24 carat gold in major metros like Delhi, Mumbai, Kolkata and Chennai remains in the range of Rs 1.59 lakh to Rs 1.60 lakh per 10 grams. At the same time, the price of 22 carat gold, which is most used in making jewelery, is also crossing Rs 1.46 lakh per 10 grams. Apart from this, if we talk about silver, the price of one kilogram of silver is trending between Rs 2.45 lakh to Rs 2.55 lakh in most of the big cities of the country.

What is the opinion of market experts on the future course of action?

Commodity market experts say that the movement of gold and silver in the coming days will completely depend on global economic data, geopolitical tensions and decisions to interest rates of central banks. If the environment of uncertainty persists at the global level, then this rise in precious metals may continue further. However, market analysts also believe that investors should be very careful while buying at such high prices and investing in installments instead of investing a huge amount at once could be a better option.