Prices of both precious metals rose to new highs on Wednesday in the Indian futures market, after showing strong signals of gold and silver in the international market. Silver has crossed the psychological level of Rs 60,000 per kg, while gold is also close to breaking the Rs 50,000 per 10-gram level.
In the Indian futures market, the price of silver jumped to Rs 59,974 per kg on 23 January 2013, which was the previous record level. The international futures market for silver has moved above $ 23 an ounce on Comex, also rose to $ 1866.75 an ounce, which is the highest level since September 9, 2011, when gold was close to $ 1881 an ounce, while gold on the Comex rose to $ 1911.60 an ounce on September 6, 2011.
The September expiry contract for silver on the Multi Commodity Exchange (MCX) was trading at Rs 60550 per kg, up by Rs 3208, or 5.59 per cent, compared to the previous session at 9.13 am on Wednesday, compared to the previous silver price of Rs 58000 on the MACX. Opened at Rs. 60 per kg and rose to Rs. 60,782 per kg, which is a new record. Gold futures on MCX were trading at Rs 49,962 per 10 grams, up by Rs 435, or 0.88 per cent, from the previous session, while the price of gold rose to Rs 49,975 per 10 grams on MCX, which is an all-time record. The level is soon going to be 50 thousand gold.
Meanwhile, the September futures contract for silver in the international market, COMEX, was trading up by $ 1.163, or 5.39 per cent, at 22.720 an ounce, from the previous session, while silver traded at 23.185 an ounce during the trading session. The August futures contract for gold on Comex was trading at $ 1858.65 an ounce, up to $ 14.75, or 0.80 per cent, from the previous session, while the previous gold rose by $ 1866.75 an ounce.
Ajay Kedia, director of Kedia Advisory, said silver prices are seeing a higher rise due to mining work being affected due to coronavirus infections and disrupting supply. However, with the increasing trend of investors towards safe means of investment in the Corona period, prices of expensive metals are constantly getting support. Commodity analysts point out that gold and silver have become people's first choice as hard assets. The ratio of gold and silver prices has reached the pre-COVID-19 epidemic and is currently at 83, which indicates that more investors are turning to silver than gold.
