Gold and Silver Prices Surge Again, Silver Jumps by Rs 16,000, Check Today’s Latest Rates

Gold and silver prices have seen a sharp rise in both domestic and international markets. Strong buying on MCX and COMEX has created a bullish sentiment in the bullion market.

Gold Silver Price Today: Prices of precious metals recorded a sharp rise in the domestic futures market today. Gold and silver prices have been consistently strengthening for the past few sessions. Global economic uncertainty, a weaker dollar, and demand for safe investments have supported precious metals. In today's trading, gold and silver saw significant gains on both the Multi-Commodity Exchange of India (MCX) and the Commodity Exchange Inc (COMEX), increasing activity among investors and in the bullion market.

Gold Price

Today, Wednesday, the price of 10 grams of gold in the domestic futures market on MCX traded higher at ₹1,59,900. In the previous trading session, the previous close for gold was ₹1,53,809 per 10 grams. In today's trading, it rose to a high of ₹1,60,755. Thus, gold saw a gain of approximately ₹6,946. Market experts believe that an improvement in domestic demand has supported the prices.

Silver Price

Silver prices also witnessed a tremendous surge on MCX today. In the latest trade, the price of silver was seen hovering around ₹2,81,998 per kg. The previous closing price for silver was ₹2,68,015 per kg. In today's session, silver touched a high of ₹2,84,094 per kg. This means the price of silver increased by approximately ₹16,079 per kg.

International Gold Price Update (COMEX Gold)

Gold prices on COMEX in the international market also showed strength. In the previous session, the previous close for COMEX Gold was around $4,935.00 per ounce. In today's trading, gold rose to a high of $5,094.00 per ounce. During this period, gold recorded a gain of approximately $159 per ounce. In the latest trade, COMEX Gold was seen trading around $5,090.80 per ounce.

International Silver Price Update (COMEX Silver)

A sharp surge was also recorded in silver prices on COMEX. The previous close for silver was around $83.301 per ounce. In today's session, silver made a high of $87.985 per ounce. Thus, silver saw a gain of approximately $4.684 per ounce. Currently, COMEX Silver is seen trading around $87.410 per ounce.

Key Reasons Behind the Surge and Future Outlook

Several factors are at play behind this surge in gold and silver prices. The India-US trade deal has also boosted investor confidence. Furthermore, a softening in the dollar index and fears of a global recession have strengthened bullion. Silver is receiving additional support due to industrial demand. Experts believe that if uncertainty persists in the international market, gold and silver prices may remain at higher levels in the coming days, although minor fluctuations due to profit-taking are possible.