Silver Price: There is a rise in the prices of gold and silver even before the beginning of the new year and the budget. Both gold and silver are showing a steady rise. Gold prices in India reached close to an all-time high. Let's know today's latest price.
Gold futures on MCX jumped to Rs 56,175 per 10 grams, reaching close to the August 2020 high of Rs 56,200. At the same time, silver futures also rose by 0.4% to Rs 69415 per kg.
Gold hit an eight-month high of $1,873.72 due to a fall in the dollar in international markets. Bullion also got a boost as China, the world's biggest gold consumer, reopened its borders.
Gold rate
Analysts say the prospect of a weaker dollar is the main factor after recent US data expected a slowdown in the pace of rate hikes by the Federal Reserve. In the international market, spot silver rose by 0.5 percent to $23.94 an ounce.
In such a situation, now the question is whether gold and silver should be bought in a hurry or not. According to experts, there may be movement in precious metals in the first half of 2023, making it a good opportunity for investors. Meanwhile, experts expect gold to give strong returns in the second half of 2023.
Silver price
Colin Shah, MD, Cama Jewellery, said, “Gold has started giving gains since the US Fed and other major central banks started increasing rates in May 2022. Shah expects gold prices to trade sideways in the first half of 2023.
The demand for gold will increase in the second half of the year due to festive demand and the halting of its rate-hardening policy through global central banks. He said that stagnation in the rate hike cycle would soften the dollar, which would make it cheaper to buy gold and silver.
Gold and Silver
Shah said that since China is the largest consumer of gold, the lockdown situation, and demand during the Chinese New Year in February and the Golden Week in October will increase prices. At the same time, Shah expects the demand for silver to remain strong as it is an industrial commodity.
