look news india
Gold and Silver prices today: Silver continues to record rise against gold. Due to global markets, today in the local market, silver reached the highest peak of Rs. 94000 per kg. In Ahmedabad spot market today, the price of gold was increased by Rs. 200. 74750 per 10 grams has been recorded. When silver rose by Rs 1000, the price per kg became Rs. 1000. 94000 has reached a historical peak. Earlier on May 22, a peak of Rs. 93000 was recorded.
According to Hemant Sathwara of Ahmedabad Choksi Mahajan, consumption has reduced due to new record prices every day in the local markets. But due to increased buying by institutional investors globally, gold and silver prices are rising. If the possibility of rate cut by the Fed becomes stronger, then silver will reach a record level of Rs 1 lakh per kg in the next few months.
Financial Returns in Silver
If we look at the prices of gold and silver in the domestic market, then in the current calendar year, silver has given attractive returns as compared to gold. In the current calendar year, silver has increased from Rs. 74500 to Rs. 19500 to Rs. 94000 per kg. Which shows a jump of 26.17 percent. Whereas Sonu is giving a return of 14.47 percent (Rs. 9450 per 10 grams) so far as compared to today's price.
Silver, according to experts
The demand for silver in global markets is continuously increasing. Silver (COMEX) prices in global markets have increased by 31.33 percent. While gold has registered an increase of 11.23 percent. The optimism of US interest rate cuts along with the increase in geopolitical crisis has boosted the appeal of the precious metal. On the other hand, industrial demand has also increased. The demand for silver has increased due to the increasing demand for solar panels, electric vehicles in the case of promoting renewable energy.
Gold Outlook
“Gold prices faced resistance levels at $2355-2360 on Comex, and on MCX gold faced selling around Rs 72450. Marginal rise in dollar, and PCE price index data coming on Friday which will indicate inflation expectations are positive for gold, thus profit booking was seen in last three trading sessions from 71250 to 72450, resistance will remain near 71000 and 72600 till PCE price index data comes in.”
