Gold and silver prices rebound sharply in domestic and global markets as profit booking pressure eases. Strong dip buying on MCX and Comex signals renewed investor confidence, restoring stability after recent volatility in precious metals.
Gold and Silver Stage Powerful Comeback
New Delhi: After several volatile trading sessions in the Indian commodity market, clear signs of stability and recovery are now emerging. Gold and silver, which had recently witnessed sharp declines due to intense profit booking after touching record highs, have staged a powerful comeback.
On Wednesday, both domestic and international markets saw strong buying interest at lower levels, resulting in a sharp surge in prices right from the opening bell.
The recent fall in gold and silver prices was largely driven by investors locking in profits after an extraordinary rally. Gold had touched historic highs last month, while silver had surged to unprecedented levels earlier this year.
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However, once prices corrected significantly, market participants stepped in aggressively, triggering a strong rebound. The renewed buying suggests that investor confidence in precious metals remains intact.
On the Multi Commodity Exchange (MCX), gold futures recorded an impressive rise. The benchmark April gold contract opened sharply higher at ₹1,58,420 per 10 grams, marking a jump of over ₹4,000 from the previous closing price of ₹1,53,809.
As trading progressed, bullish sentiment pushed prices even higher. At the time of reporting, gold was trading close to ₹1,58,400 with gains exceeding ₹4,500.
Gold, Silver extend rally on MCX
During the session, gold touched a high of ₹1,58,420 and a low of ₹1,56,553. This rebound comes after gold had earlier scaled an all-time high of ₹1,80,779 per 10 grams last month, followed by a corrective phase. The current recovery indicates strong support at lower levels.
Silver showed even stronger momentum compared to gold. On MCX, the March silver contract opened with a massive jump of ₹10,000 at ₹2,78,015 per kilogram.
The rally intensified as the session progressed, with prices soaring by an extraordinary ₹14,737 to trade near ₹2,82,752 per kilogram. The day’s high touched ₹2,84,094.
Earlier this year, silver had climbed to a record peak of ₹4,20,048 per kilogram before undergoing a steep correction. The current uptrend is being fueled by aggressive “dip buying,” as investors take advantage of lower price levels to rebuild positions.
International markets also reflected strong bullish sentiment. On the Comex, gold opened higher at $4,966.10 per ounce compared to the previous close of $4,935. Prices continued to rise, trading around $5,062.50 per ounce, up by more than $127.
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Gold had earlier touched a historic high of $5,586.20 per ounce this year before correcting. Silver futures on Comex also moved higher, opening at $84.91 per ounce versus the previous close of $83.30. It was trading near $86.67 per ounce with solid gains.
Notably, silver had reached a record high of $121.79 per ounce earlier this month, and renewed buying interest is once again pushing prices upward.
