Silver Prices Also Stay Strong, Global Tensions Push Precious Metals Up
Gold has become a hot favorite again for investors. On the Multi Commodity Exchange (MCX), the August gold contract touched a new record of ₹1,01,078 per 10 grams. On Friday, it had already crossed ₹1 lakh for the first time.
At the same time, silver July delivery remained flat at ₹1,06,464 per kg, which is close to its recent high.
Why Are Gold & Silver Prices Rising?
Experts say rising gold and silver prices are due to:
- Global stock market weakness
- High crude oil prices
- Ongoing geopolitical tension (especially Israel-Iran war)
- Falling US dollar index
These reasons have pushed investors towards safe-haven assets like gold and silver.
Last week:
- August gold futures closed 1.91% higher at ₹1,00,276 per 10g
- July silver futures closed 0.57% higher at ₹1,06,493 per kg
Global Markets Also Support Rally
In the international market, gold prices went beyond $3,450 per troy ounce, and experts believe it could soon test its previous all-time high.
Silver is also expected to rise further in upcoming trading sessions.
Gold & Silver Trading Strategy on MCX
Gold Trading Range:
- Support: ₹99,650 – ₹99,100
- Resistance: ₹1,01,100 – ₹1,01,800
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Buy Range: ₹99,100 – ₹99,600
Sell Target: ₹1,01,100 – ₹1,01,800
Silver Trading Range:
- Support: ₹1,05,000 – ₹1,05,800
- Resistance: ₹1,07,200 – ₹1,08,000
Buy Range: ₹1,04,000 – ₹1,05,000
Sell Target: ₹1,07,200 – ₹1,08,000
Note: Experts say avoid short-selling until the Israel-Iran tension cools down.
Gold Prices in Major Indian Cities (Physical Market)
| City | 22K Gold (8g) | 24K Gold (8g) |
| Delhi | ₹57,768 | ₹61,624 |
| Mumbai | ₹56,648 | ₹60,432 |
| Chennai | ₹56,896 | ₹60,704 |
| Hyderabad | ₹56,976 | ₹60,672 |
Summary:
Gold prices have hit a new record of over ₹1.01 lakh on MCX due to global tensions and rising oil costs. Silver is also strong. Experts suggest prices may rise more, so traders and investors should watch global cues closely.
Disclaimer: This news is for informational purposes only. Please consult financial experts before making investment decisions.
