gold silver rate
There has been a tremendous rise in the prices of gold and silver for the last several weeks, but now in the last days of the year there may be a break in this pace. Experts believe that there may be stagnation or slight decline in the bullion market next week. The main reason for this is less business in the market due to important economic data coming from America and Christmas-New Year holidays.
According to PTI report, investors will keep an eye on figures like America's GDP, housing data, core durable goods and consumer confidence next week. These figures indicate the health of the world's largest economy and on this basis the direction of the dollar and interest rates is decided. Until these figures are revealed, investors may avoid making big bets, which directly impacts the prices of gold and silver.
Due to Christmas and New Year, trading volume in global markets is expected to be very low. Experts say that big players and institutional investors stay away from the market during this period. In such a situation, instead of a big rise in prices, fluctuations in a limited range may be seen. However, due to low volume there is a risk of sudden sharp movement.
Gold has recently created a new record in the domestic market. Gold futures on MCX closed strongly last week and have been rising continuously for several weeks now. Experts believe that profit booking is natural after such a long rally. Apart from this, the movement of dollar and weakness of rupee is also affecting the domestic gold prices.
This year silver has performed better than gold. Last week, there was a huge jump in the prices of silver and it reached its highest level till date. However, now experts are advising caution. He says that the rise in silver has been very strong and the risk appears high at the current levels. In such a situation, correction can come at any time.
According to experts, the environment is still positive for both gold and silver in the long term, because there is a trend of softening of interest rates and weakening of currency at the global level, but in the short term, investors should avoid haste. Investors who are already in profit. They may consider partial profit booking, while for new investors, waiting for the decline may be a better strategy.
