Gold prices opened on the MCX on Monday at Rs 62,502 per 10 grams and hit an intraday low of Rs 62,502. In the international market, prices hovered around $2,047.90 per troy ounce. Meanwhile, silver opened at Rs 72,796 per kg and hit an intraday low of Rs 72,660 on the MCX. The price hovered around $23.20 per troy ounce in the international market.
Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said gold and silver finished in a stronger position last week. Despite geopolitical uncertainties, safe-haven demand helped boost gold prices to 62,362 levels, an increase of 0.93%. Silver also recorded an encouraging increase of 1.58%, ending the week at 72,480 levels.
“Factors such as wedding season demand in the physical market and the dollar index’s recovery from lower levels following Federal Open Market Committee (FOMC) minutes also contribute to the positive movement of these precious metals. The FOMC’s recent announcement of an unclear timeline for trimmed interest rates played a significant role in the currency recovery,” added Gupta.
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As global events continue to create uncertainty, the assurance of solid investments like gold and silver could prove invaluable. These projections provide crucial insights for both casual and seasoned investors navigating these volatile markets.
Gupta said, “For investors and traders closely following these trends, Gupta provided a range for potential movement. Gold’s worth may fluctuate between $2050 and $2065 levels. On the Multi Commodity Exchange (MCX), it may range from 62000 to 62800. Similarly, silver might trade anywhere from 72,000 to 74,000 levels.”