Gold and Silver Prices: The futures market for gold and silver kicked off the day on a high note, with both metals opening strongly. Silver, in particular, has reached an all-time high, while gold has also seen a notable increase.
As of the time of writing, domestic prices for gold are hovering around ₹97,250 per 10 grams, and silver is trading close to ₹1,10,400 per kilogram. Internationally, the futures for both metals started with an upward trend, reflecting robust demand and market optimism.
Gold Prices Climb Higher
Gold futures began the day on a positive note, with the benchmark August contract on the Multi Commodity Exchange (MCX) opening at ₹97,252, up by ₹561 from the previous close of ₹96,691.
At the time of reporting, the contract was trading at ₹97,250, showing a gain of ₹559. Throughout the day, it touched a high of ₹97,350 and a low of ₹97,151.
This year, gold futures have already peaked at ₹1,01,078, underscoring its strong performance. The rise in gold prices is indicative of its enduring appeal as a safe-haven asset amidst global uncertainties.
Silver Futures Set New Records
Silver futures have been equally impressive, starting the day with a bang. The September contract on MCX opened at ₹1,09,333, up by ₹210 from the previous close of ₹1,09,123.
By the time this article was written, it was trading at ₹1,10,414, reflecting a robust increase of ₹1,291. The contract hit a daily high of ₹1,10,559 and a low of ₹1,09,333.
This year, silver futures have scaled an all-time high of ₹1,10,559 per kilogram, marking a significant milestone for the white metal. The surge in silver prices is driven by industrial demand and its role as a hedge against inflation.
Gold and Silver Prices: International Markets Shine Bright
Globally, the trend mirrors the domestic market, with gold and silver futures opening strongly. On the Comex, gold futures started at $3,333.10 per ounce, up from the previous closing price of $3,325.70.
At the time of writing, it was trading at $3,345.80, a gain of $20.10. Gold has reached an all-time high of $3,509.90 this year, highlighting its global appeal. Silver futures on Comex opened at $37.64, up from $37.30, and were trading at $37.83, an increase of $0.53.
The international rally in both metals underscores their importance in diversified investment portfolios.The upward trajectory of gold and silver prices in July reflects broader market dynamics, including inflationary pressures and geopolitical tensions.
For investors and consumers alike, these metals continue to be a beacon of stability and growth. As we move forward, keeping an eye on these trends will be crucial for making informed decisions in the precious metals market.
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