Gold Prices Plummet, Silver Hits New Record High

Gold prices saw a significant fall on Wednesday. Domestic futures also traded in the red. Meanwhile, silver prices experienced a sharp surge.

Gold prices saw a significant drop on Wednesday morning. In early trading, gold prices were trading in the red. On the MCX exchange, gold futures traded at ₹1,33,373 per 10 grams, down by ₹1036. In contrast to gold, silver prices have seen a tremendous surge today, pushing silver to a new all-time high.

Significant Surge in Silver

A significant surge was observed in silver prices on Wednesday, pushing silver to a new record high. Weak US labour data has increased expectations of future Fed rate cuts, leading to a weaker dollar and a surge in demand for precious metals. In early trading, domestic silver futures prices were trading with a substantial increase. On MCX on Wednesday morning, silver futures traded at ₹2,04,414 per kilogram, up by 3.37 per cent or ₹6,659. Silver prices saw a tremendous jump on Wednesday, reaching new record highs. This surge is attributed to increased expectations of future Fed rate cuts following weak US labour data, which has weakened the dollar and boosted demand for precious metals. In early trading, domestic silver futures prices were trading with significant gains. On MCX, silver futures were trading at ₹2,04,414 per kilogram on Wednesday morning, an increase of 3.37 per cent or ₹6,659.

Global Gold Prices

Global gold prices are seeing an increase today. On Wednesday morning, gold prices on COMEX traded at $4,352.50 per ounce, up by 0.47 per cent or $20.20. Meanwhile, Gold Spot was trading at $4,324.63 per ounce, up by 0.52 per cent or $22.16.

Global Silver Prices

Global silver prices are also experiencing a significant surge on Wednesday. On COMEX, silver prices traded at $65.96 per ounce on Wednesday morning, up by 4.16 per cent or $2.63. Silver Spot was trading at $65.87 per ounce, up by 3.32 per cent or $2.12.