A huge change has been seen in the prices of gold and silver in the Indian market today on 27th May. As soon as the market opened on Multi Commodity Exchange (MCX), the price of silver has seen a huge jump of Rs 2000 per kg. Along with this rise in silver, the price of gold has also increased by about Rs 300 per 10 grams. After this sudden change in the market, investors are keeping a close eye on its every move.
If we look at the futures market data, silver for delivery on July 3 opened on MCX at Rs 2,72,603 and currently it is trading around Rs 2,72,000. On the other hand, gold for delivery on June 5 opened at Rs 1,57,541 and in no time reached the level of Rs 1,57,898. Experts say that the direct impact of the global market trend and ongoing geopolitical tensions at the international level is visible on the prices of these precious metals, due to which there is still an atmosphere of uncertainty among investors.
Despite the bullish trend on the futures market i.e. MCX, a decline in the price of gold has been recorded in the spot bullion market today. Here 24 carat pure gold has fallen by Rs 600 to Rs 1,58,290 per 10 grams. Along with this, the price of 22 carat gold jewelery has also slipped by Rs 550 to Rs 1,45,100 per 10 grams.
If we talk about silver, then in the bullion market silver is trading at Rs 2,84,900 with a slight fall of Rs 100. However, in the country’s capital Delhi, the price of silver at the national level has increased by Rs 2000 to Rs 2,73,000 per kg. This huge fluctuation seen in the market has given a lot of thought to both the common buyers and big investors.
Today in the country’s capital Delhi, the price of 24 carat gold is Rs 1,58,440 per 10 grams. Whereas the price of 22 carat gold has been recorded at Rs 1,45,250 and the price of 18 carat gold has been recorded at Rs 1,18,870 per 10 grams. Apart from Delhi, if we talk about the financial capital Mumbai and Kolkata, the prices there also remain at almost the same level i.e. Rs 1,58,290 per 10 grams.
In contrast, today the rate of 24 carat gold in Chennai, the major city of South India, has reached the highest of Rs 1,60,680 per 10 grams. Whereas in big cities of Uttar Pradesh like Lucknow and Kanpur, the price of 24 carat gold has been recorded at Rs 1,59,030 per 10 grams. Let us tell you that this change in prices is always seen in different cities of the country due to local taxes and octroi.
According to Saumil Gandhi, senior analyst at HDFC Securities, gold prices are currently moving in a limited range. Due to the huge uncertainty regarding the talks between America and Iran, market investors are adopting a very cautious attitude. Due to no major success so far on the diplomatic front, investors have completely avoided taking an aggressive stance in the market at present.
Other market experts also believe that precious metals are currently in a state of stagnation due to lack of clear direction in the market. The market is currently keeping a very close eye on the movements of crude oil prices and the US dollar. All investors are now waiting for America’s upcoming inflation and GDP figures, because only these figures will decide the next direction of the bullion market in the coming days.
