New Delhi, Apr 8 (FN Bureau) In line with the trend in the foreign markets, gold continued its shine and touched a record high ofRs 73650 per 10 grams for standard gold which is 24-carat gold while silver is also on the rise with Rs 82,000 per kg. The ornamental is 22-carat gold hovered around Rs 65,000 per 10 grams. According to Motilal Oswal Financial Services Ltd Precious Metal Quarterly Report, silver will be strongly positive for the next few months. According to its estimates, silver is likely to touch Rs 92,000 to Rs 1 Lakh per kg over the next few months. According to traders the speculative buying and geopolitical situation especially in the middle-east is also the reason behind record high prices of both gold and silver.
Geopolitical tensions have continuously built in risk premium in the market and it has been seen year after year since 2020. In 2022 it was the Russia-Ukraine war, and last year conflict between Israel and the Hamas group, all these provided support to safe-haven assets like gold and silver. Bullion prices are subject to many factors that shape supply and demand dynamics in the market. The current market rally in gold and silver prices is led by foreign markets and according to sources some of the countries are buying gold as an alternative to accumulation of foreign exchange reserves. Silver prices globally were trading at nearly $28 per oz at a nearly 3-year high. Silver prices in India also touched an all-time high of about Rs 82,000 per kg. Silver prices saw an increase of 11 percent week on week, and 14 percent month on month. Spot gold was up 0.6 percent at $2,343.89 per ounce in the US market, after hitting a record high of $2,353.79 earlier in the session. US gold futures gained 0.7 percent to $2,361.09 showing further scope for buying and a rise in prices.