Gold and Silver futures see significant gains amid weak dollar and global tensions

Today, the prices of gold and silver went up a lot. The price of 24-carat gold is now Rs 98,243, and silver is at Rs 1,12,700 per kilogram.

New Delhi: Gold and silver prices saw a big rise in India today. According to the India Bullion and Jewellers Association (IBJA) website, 24-carat gold opened at Rs 98,243 per 10 grams on Monday morning. Silver also went past the Rs 1,12,700 per kg mark. In the previous trade, 24-carat gold had closed at Rs 98,770 per 10 gram, and silver had closed at Rs 1,10,500 per kg.

Today's prices for different carat types of gold:

According to the purity of gold, the rates today are as follows:

- 24 carat: ₹98,243 per 10 gram
- 23 carats: ₹97,850 per 10 gram
- 22 carats: ₹89,991 per 10 gram
- 18 carat: ₹73,682 per 10 gram
- 14 carats: ₹57,472 per 10 gram

As for silver, 999 purity silver is at Rs 1,12,700 per kg today, which is a strong signal for investors.

Why did the prices go up?

Experts say that the weak dollar and global political issues, especially new sanctions on Russia by the EU, are making investors look for safe investments like gold and silver.
Jatin Trivedi, a commodity expert at LKP Securities, said these global factors have pushed COMEX gold to cross $3,350 per ounce.

International Market

In the global market, spot gold is trading higher by USD 12.
38 or 0. 37 percent at USD 3,351. 53 per ounce, while silver is up 0. 64 percent at USD 38. 38 per ounce.

Market Situation

The Multi Commodity Exchange (MCX) is trading positively.
Gold for August delivery rose by Rs 397 to Rs 97,870 per 10 grams, with 10,846 lots traded on Friday. Silver futures also increased by Rs 911 to Rs 1,13,245 per kg, with 18,030 lots traded for September delivery, showing a 0. 81 percent growth.

What Lies Ahead?

Upcoming US economic data like the Michigan consumer sentiment and inflation numbers will influence the bullion market.
If global uncertainty and the dollar's decline continue, gold and silver prices could go up further.

Gold and silver are becoming safer and more profitable choices for investors now. In such a situation, investors should watch the market closely because even small economic or political changes can greatly affect prices. However, it is best to consult experts before making any investment decisions.