Silver is shining more than gold, the price crossed Rs 1 lakh?
On Monday, the price of silver in Delhi's bullion market rose by Rs 1,000 to Rs 1,08,100 per kg. This is the highest level so far. Earlier on saturday, silver was stable at Rs 1,07,100 per kg. On Friday, silver jumped by Rs 3,000 and touched this level for the first time.
Why are prices rising?
According to experts, this jump in silver has come due to some important reasons. Like strong demand from investors, weakness of dollar, geopolitical tensions, increasing industrial demand from electric vehicle and solar industry. All these reasons have taken the price of silver to the seventh sky.
Gold's shine faded a bit
On the other hand, gold did not live up to the expectations of investors. gold of 99.9 per cent purity fell by Rs 280 to Rs 97,780 per 10 grams. On saturday too, it had closed at Rs 98,060, down by Rs 1,630. The price of 99.5 per cent purity gold also fell by Rs 250 to Rs 97,350 per 10 grams, which had earlier reached Rs 97,600 after falling by Rs 1,500.
What is happening in the global market?
The price of spot gold remained slightly higher at $3,312.84 an ounce in the international market. Possible talks between US and Chinese officials have reduced the demand for safe haven assets. The US non-farm payroll report has been strong, due to which the possibility of easing of Federal Reserve policies is being reconsidered. Saumil Gandhi, Senior Analyst at hdfc Securities, said, "Volatility in gold prices remains due to economic data and geopolitical events."
silver also shines at the international level
Spot silver has risen 0.9 percent to $ 36.30 an ounce. rahul Kalantri, vice-president of Mehta Equities, said that silver has broken a 13-year record and has also reached a new high in the domestic market. The softening of european inflation and positive signals related to the trade deal have strengthened silver.
What is the signal for investors?
If you are thinking of investing in silver, then know that there is a strong bullish trend in the market right now. However, it is also important to be cautious in this period of boom. At the same time, long term investors can see the fall in gold as an opportunity.