Silver prices have rebounded sharply in the Delhi bullion market after three days of decline amid strength in international markets. According to the All India Sarafa Association, silver rose ₹1,000 to ₹2.46 lakh per kg.
However, gold prices softened. Gold of 99.9% purity fell ₹300 to ₹1,56,700 per 10 grams (including all taxes).
What are experts’ opinions on the fluctuations?
Gaurav Garg, research analyst at Lemon Markets Desk, said that silver has gained slightly due to speculative buying at lower levels after the recent sharp decline.
He added that the short-term market sentiment remains cautious due to the strong dollar and uncertainty surrounding the US Federal Reserve’s policies.
Despite this, safe-haven demand and continued buying by central banks are supporting the market during the downturn.
What Are The Latest Gold And Silver Rates In The Global Market?
Spot silver rose by $2.06, or nearly 3%, to $75.60 per ounce. Meanwhile, gold rose by nearly 1% to $4,918.64 per ounce.
According to Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, gold is currently trading in a narrow range amid mixed global cues.
Overall, with silver trading higher and gold falling slightly, the market remains closely monitoring global cues and dollar movements.
