Today’s Gold and Silver Rate: There was a rise in the prices of gold and silver. The price of silver increased by Rs 6600 to Rs 2.67 lakh per kg. At the same time, the price of gold increased by Rs 690 to Rs 1.61 lakh per 10 grams. On MCX, the price of silver fell by Rs 3764 to Rs 2.61 lakh. Whereas gold fell by Rs 1590 to Rs 1.60 lakh per 10 grams.
Condition of gold and silver in international markets
There was a rise in the prices of gold and silver in the international markets. Spot gold rose by about 0.48% to $ 5,202 an ounce, while spot silver rose by about 0.96% to trade at $ 88.25 an ounce. Earlier on Tuesday, both the precious metals had fallen by about 1.6%, breaking their four-day rising trend.
What is the opinion of experts?
According to market analysts, prices remain volatile due to the possibility of the US Federal Reserve cutting interest rates in the near future. Boston Fed President Susan Collins has indicated that the Fed may keep interest rates stable for some time due to the strong labor market. The minutes of the January Fed meeting also revealed that officials are adopting a cautious approach regarding rate cuts. Higher interest rates generally put pressure on non-interest-yielding safe investment instruments like gold and silver. Apart from this, uncertainty regarding US tariffs and increasing tensions in West Asia have kept the demand for safe investment options strong. Former President Donald Trump has also recently warned of higher tariffs to countries that withdraw from trade agreements, which has increased volatility in the global market. Meanwhile, after the US Supreme Court rejected the emergency tariff, logistics company FedEx has also filed a lawsuit demanding a refund. However, later America imposed a new 10% tariff on some goods, due to which there is pressure on global trade and commodity market.