Gold, Silver Rates Today: In the very first week of the new year, the prices of gold and silver are showing strength. Gold closed by Rs 330 at Rs 79,720 per 10 grams, while silver rose by Rs 130 to Rs 90,630 per kg. The main reasons for this increase in prices are being said to be the rise in international markets and weakness in the rupee.
impact of international markets
In international markets, gold prices on Comex increased by $ 8.50 to $ 2,649.50 an ounce. The effect of this rise was clearly visible in the domestic market, where the prices of both gold and silver registered a rise. Experts say that this strength of gold and silver can continue for a long time.
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Performance of gold and silver in the domestic market
On MCX, gold forward contracts for February delivery rose by Rs 205 to Rs 77,098 per 10 grams. Similarly, silver forward contracts increased by Rs 859 to Rs 88,437 per kg. Weakness in rupee further boosted gold prices in the domestic market.
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What will be the direction of the market?
- According to Renisha Chainani, Research Head, Augmont, “The demand for gold and silver will remain due to geo-political tension, economy and inflation related risks. In the next 5-6 months, the price of gold will be at Rs 85,000 per 10 grams and silver at Rs. The price is likely to reach Rs 1,15,000 per kg.”
- According to Saumil Gandhi, Senior Analyst, HDFC Securities, “Economic data coming from the US, such as unemployment claims and manufacturing PMI, will decide the direction of the market in the coming days.” Along with this, the movement of the dollar and the position of the rupee in the international markets will also have to be monitored.
- Jatin Trivedi, Vice President and Research Analyst, LKP Securities, says, “The weakness of the rupee against the dollar and the strength of the international markets have supported gold prices. In the domestic market, the trend of gold is seen between Rs 76,500 to Rs 77,650.” Can get.”.
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Tips for investors
Experts believe that long term investment in gold and silver can be beneficial. The current rise in gold and silver prices is presenting new opportunities for investors. Although fluctuations are possible in the short term, from a long term perspective both gold and silver can be good options for investment. Experts suggest that investors can follow the ‘buy on dips’ strategy. This means investing when prices fall slightly. There may be fluctuations in the prices of gold and silver in the short term, but in the long term investment can be made in it.
