Gold Strengthens on Weak Dollar, Silver Faces Price Pressure (Image Courtesy: Pexels)
New Delhi: Gold and silver did not perform equally in the last session. While gold prices strengthened, silver weakened slightly. The market remained closed on May 1 due to Labor Day; hence, the old rates remained applicable on Friday also.
A good rise was recorded in the price of gold till the market closed. 24-carat gold reached around Rs 1.54 lakh per 10 grams. This increase was clearly visible compared to the previous session, due to which investors' inclination seemed to be moving towards gold again.
Unlike gold, silver prices declined. Its price dropped to around Rs 242,700 per kg. However, a slight recovery was also seen later in the futures market, which indicates that the market is not completely weak.
There was no trading on MCX during the day, but as soon as the market opened in the evening, a rise was seen in both metals. Gold was seen trading with a slight rise, while a good rise was seen in silver.
Experts believe that the weak dollar and fall in US bond yields have supported gold. Also, buying at lower levels has also helped in maintaining the prices.
In big cities like Delhi, Mumbai, Kolkata and Lucknow, the price of 24 carat gold was around Rs 1.50 lakh per 10 grams. There were slight differences in different cities, but overall the rates remained stable.
In the global market too, a rise in both gold and silver was seen. Gold rose to above $4,600 an ounce, while silver also registered good gains. The fall in the dollar index made buying more attractive for international buyers.
The current situation shows that gold is strengthening again, while silver continues to fluctuate. In such a situation, it is important for investors to take any major decision only after understanding the market trend.
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