Silver, Gold Price Today: It seems that the uncertainty around Covid-19 has fared well for the markets, especially investors this financial year who have stuck to precious metals as the silver prices rallied to outshine the bullion and equities market. Domestic silver futures climbed to touch Rs 65,740 on Monday even as the country witnessed a spike in Covid-19 cases. As per the Business Standard evaluation, silver has gained 63 per cent this financial year (from April 1 to date), while gold and the equities market (Nifty50 returns) climbed 21 per cent and 30 per cent, respectively. Also Read: Covid-19 Cases In India Set To Surpass 15 Lakh-Mark By Tomorrow; Recovery Rate Over 64% | Check State-Wise Tally
What are the reasons for the rally in silver?
Silver, also used for industrial purposes, has also seen an upsurge in tandem with gold prices. It is because in times uncertainty precious metals such as gold are often seen as safe-haven assets. Precious metals become attractive and more appealing for investors. In fact, concerns over the strained relationship between the US and China also lifted the price of the precious metal. Metal prices also gain as a result of weakness in the US dollar against major global currencies. The global stimulus announced by central banks also supported the price of metals besides geopolitical tensions, mainly between the US and China. Also Read: Gurugram Court Summons Alibaba And Founder Jack Ma On Ex-Employee Complaint Of Spreading Fake News
Gold and silver prices today
Gold prices rallied to touch Rs 52,000 from Rs 51,160 per 10 gram, while silver climbed to Rs 64,700 from Rs 61,210 per kilogram, according to the personal finance website Good Returns. In New Delhi, the price of 22-carat gold rose to Rs 50,800 per 10 gram, and in Chennai to Rs 49,780. The rate in Mumbai was Rs 50,650 while the price of 24-carat gold in Chennai was at Rs 54,300.
Meanwhile in the global markets too, silver futures extended their gains to surge above $25 an ounce on Tuesday due to demand and concerns about the metal’s supply, as per the Bloomberg data.
The silver prices have touched the highest in about seven years while gold also traded at an all-time high. Silver gains seem to have outrun the yellow metal because of expectations of a rebound in global manufacturing and disruptions in mine activities.
Silver prices rose as much as 2.4 per cent to $25.08 an ounce, the highest since August 2013. Spot prices traded 1.3 per cent higher at $24.9040. Spot gold climbed 0.2 per cent to $1,946.53 an ounce.
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