Gold and Silver Prices Hit Record Highs Amid Global Economic Uncertainty
On the Multi Commodity Exchange (MCX), gold and silver prices have hit all-time highs as global economic instability and geopolitical issues drive investors to safe-haven assets. The precious metal attraction has grown as US currency and Treasury yields fall.
Key Points:
Gold futures traded at ₹76,451 per 10 grams, a considerable increase. The fall in the US dollar, as well as expectations of Federal Reserve interest rate decreases, have all contributed to this increasing trend.
Silver futures touched a new high of ₹91,743 per kilogram. Continuing geopolitical tensions and economic concerns have significantly impacted rising silver prices.
Market Analysis: Given safe-haven demand among world economic uncertainty, experts predict that the general trend in gold will remain positive. Though resistance is at ₹76,590–76,850, support for gold is at ₹76,101–75,870. Silver’s support range is ₹91,150–90,450 with resistance at ₹92,350–92,980.
The Middle East’s continuous turmoil as well as the uncertainties about the US election have driven precious metal value up. Investors are quite interested in classic safe-haven assets like gold and silver.
According to Rahul Kalantri, VP of Commodities at Mehta Equities, “Economic uncertainty will further drive safe-haven buying of precious metals as geopolitical tensions continue to boost Gold and Silver Prices.“
According to Jateen Trivedi, VP and Research Analyst – Currency and Commodity at LKP Securities, “Traders may keep searching for buying prospects on declines, especially with global uncertainty driving sentiment.“
Geopolitical issues and the present state of the economy should maintain the high demand for gold and silver while Gold and Silver Prices remain robust in the near future.
