Argus News - Gold, SIlver Prices Soar after Sudden Rebound

New Delhi, Feb 7: The domestic market on Friday witnessed a sharp rise in gold and silver prices. The prices had a downward trend for the past couple of days. However, the sudden price surge has brought some relief to traders as well investors, who were worried about the recent decline.

As per market data, the price of 24-carat gold increased by ₹2,890 per 10 grams, taking it to ₹1,56,600 per 10 grams. At the same time, 22-carat gold rose by ₹2,650 per 10 grams and is now priced at ₹1,43,559 per 10 grams. Silver also saw a strong rise, with its price going up by ₹5,000 per kilogram, reaching ₹2,85,000 per kg. 

According to experts, changes in global market have triggered the rise in gold and silver prices. Uncertainty in international economic conditions and fluctuations in the value of the Indian rupee have increased demand for precious metals, which are considered safe investment options during unstable times.

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The rebound comes after a brief slump caused by profit-booking and market corrections. The surge might have offered some relief to traders and investors, it has raised concerns among buyers, especially with the wedding season approaching, when gold demand is usually high.

Jewellers and traders believe prices may remain unstable in the coming days. As far as customers are concerned, they should keep an eye on market trends before making major purchases.

Earlier on Friday, MCX gold February futures fell 0.97 per cent to ₹1,50,590 per 10 grams around 10.40 am on an intraday basis. Meanwhile, MCX silver March futures plunged 3.71 per cent to ₹2,34,775 per kg.

On the MCX, silver prices had declined as much as 6 per cent to their day’s low of ₹2,29,187 per kg earlier during the session before a strong rebound.

Compiled by: Aditi Majhi