Gold, silver prices soar in India: What should investors do?
What's the story
Gold and silver prices have witnessed a major spike on the Multi Commodity Exchange (MCX) today. April futures for gold rose by almost ₹7,000, or 4.5%, to ₹1,60,755 per 10g, while March futures for silver surged by over ₹16,000 or 6%, to ₹2,84,094 per kg. The sudden rise in these precious metals isn't just a local phenomenon but is being observed globally too.
International
Global gold and silver prices today
The global gold market is witnessing a strong recovery, with prices rising over 2%. This comes as traders prepare for a week without key economic data due to a partial US government shutdown. Spot gold reached $5,098.70 per ounce, while silver also saw an increase to $87.85 per ounce. Such international trends are likely to influence domestic prices in the coming days.
Investment advice
Experts' views on precious metals
Experts remain optimistic about gold and silver in the medium to long term. They suggest buying on dips as global factors such as a dovish US Federal Reserve, geopolitical tensions, and fiscal pressures in major economies continue to support precious metals. Gold is tipped to stay range-bound with a positive bias, while silver may see higher volatility but benefit from strong industrial demand.
Market strategy
Recommendations for gold and silver
Manoj Kumar Jain of Prithvifinmart Commodity Research recommends buying gold around ₹1,54,000 and ₹1,51,500, with a stop loss below ₹1,47,700 for targets of ₹1,55,500 and ₹1,60,000. He also suggests buying silver at levels of ₹2.70 lakh and ₹2.64 lakh, with a stop loss below ₹2.55 lakh for targets of ₹2.82 lakh and ₹2.90 lakh respectively.