Gold-Silver Price: Can Gold Touch Rs 1.75 Lakh As Silver Eyes Rs 3.30 Lakh?

New Delhi: Today, the precious metals Gold and silver prices have climbed again after recent volatility, sparking fresh talk among traders and buyers about where the metals are headed.

On Friday, gold in the India bullion market was trading at about Rs 1,50,882 per 10 grams, while silver hovered around Rs 2,44,929 per kilogram.

What was the price of gold and silver today?

This morning on MCX, the cost of 24 carat gold stood at 1,56,600 per 10 grams, while 22 carat gold was priced at Rs 1,43,550 per 10 grams and silver was trading at 2,85,000 per kilogram. 

In the last few days, huge fluctuations have been seen in both gold and silver. Both the metals had touched record highs at the end of January, but again there was a wave of selling.

Why there is change in rates?

According to analysts, the major reasons behind changes are:

• Weakness in the prices of gold and silver in the international market.
• The strengthening of the US dollar, which put pressure on demand for precious metals.
• Speeding up the process of withdrawing profits by investors.

When the dollar strengthens, spending by foreign buyers increases and this reduces demand for safe investments like gold and silver.

How much lower are the prices from their record highs?

Gold and silver touched their record highs on January 29. According to MCX, the record high level for gold is Rs 1.93 lakh, while the record high price for silver is Rs 4.20 lakh.

Will the Gold price cross Rs 1.75 Lakh mark?

Traders say the recent rise reflects renewed strength in global markets and some local buying interest.

Market analysts point to technical trends in futures trading. If gold manages to stay above recent support levels, they believe it could climb toward Rs 1,75,000 per 10 grams in coming sessions. For silver, the discussion among some traders is whether it could revisit levels near Rs 3,30,000 per kilogram if demand picks up and volatility eases. 

How did gold and silver trade on Feb 6?

On the MCX, gold prices opened sharply lower and remained under pressure in early trade on Friday. The yellow metal was trending around Rs 1.50-1.54 lakh per 10 grams after a weak start in the early session. Silver also declined in early trade, going down to around Rs 2.29-2.46 lakh per kg. After some time, due to increased demand in the market, gold rose by about Rs 1,600, but fluctuations continued throughout the day.