Gold and silver prices are rising sharply as the week gets underway, giving traders and investors new hope. Both precious metals set a high tone for the markets and suggested further bullish momentum with their remarkable opening gains on the global Comex platform and the domestic Multi Commodity Exchange (MCX) today.
Gold Opens Strong on MCX, Approaches Monthly High
For example, the price of gold rose sharply at the start. The benchmark June contract rose ₹631 from the previous close of ₹86,928 to start trading at ₹87,559 per 10 grams on the MCX. The contract maintained its momentum throughout the session, trading at about ₹87,435 at the time of writing. Gold saw daily highs of ₹87,576 and lows of ₹87,380 during this time. It’s important to note that gold futures hit an all-time high of ₹91,423 per 10 grams earlier this month, underscoring the market’s continued bullishness.
Silver Prices Shine Bright with Strong Momentum
Silver, too, had a dazzling start to the day. The benchmark May contract on MCX opened at ₹88,898 per kilogram, which is ₹650 higher than its previous close of ₹88,248. As the session advanced, silver was trading at around ₹89,042, up by ₹794. Throughout the day, it saw a high of ₹89,088 and a low of ₹88,799. This year, silver has already achieved a peak of ₹1,01,999 per kilogram, a figure that underscores its strong performance in recent months.
Comex Gold and Silver See Global Gains
In the meantime, this encouraging development was also reflected in the global market. Gold’s closing price on Comex was $2,973.60, although it opened at $2,997.50 an ounce. Gold was trading even higher at $3,011.40 at the time of publishing, representing a significant gain of $37.80. This increase comes a week after gold reached its highest point ever, which gave investors even more confidence.
Comex silver prices also showed signs of growth. The metal’s closing price of $29.69 was followed by an opening price of $30.09 per ounce. Silver was trading at $30.03 at the time of this publication, up $0.42.
Precious Metals Continue to Attract Safe-Haven Demand
Numerous domestic and international causes, such as economic uncertainty, demand for safe-haven assets, and continuous volatility in the bond and currency markets, are driving the most recent price spike. Investors are closely monitoring every move since gold and silver have once again shown themselves to be dependable stores of value.
Today’s market performance is a comforting indication to individuals who are investing in or intend to invest in precious metals that gold and silver are still strong despite changes in the world economy. This robust rally may be the signal you’ve been waiting for, regardless of your level of experience as an investor or your level of first-time purchasing.
Disclaimer: The prices and data mentioned in this article are based on market conditions at the time of writing and are subject to change. Please consult a financial advisor or do your research before making any investment decisions.
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