In anticipation of the significant event of Dhanteras, the prices of gold and silver maintained their upward trajectory, reaching new highs in early trading on Friday. Gold December futures experienced an increase of Rs 3,000 (2.2%), reaching a new all-time high of Rs 1,30,005 per 10 grams. Gold reached a new all-time high on Friday, as indications of credit strain among U.S. regional banks heightened investor anxiety.
The pursuit of safety propelled gold to a peak of $4,378 per ounce; however, it encountered some profit-taking and ultimately remained unchanged. Nonetheless, the bullion is poised for a weekly increase of 7.6%, marking its most significant rise since early 2020. Silver has reached a new high. On Thursday, gold and silver concluded the trading session with gains in both domestic and international markets. The December futures contract for gold concluded at Rs 1,29,852 per 10 grams, reflecting an increase of 2.08%. Meanwhile, the December futures contract for silver settled at Rs 1,67,663 per kilogram, marking a rise of 3.36%.
Gold and silver continued their upward trajectory, reaching new all-time highs in both international and domestic markets. Gold prices closed above 4,300 per troy ounce and silver prices closed above 53 per troy ounce for the first time in the international markets, continuing their bullish momentum. The dollar index continued its decline, while US 10-year bond yields dipped below 4.0%. Additionally, a sell-off in cryptocurrency assets bolstered the prices of gold and silver. The potential for a Fed rate cut is also driving up the prices of gold and silver.
Global central banks and ETF investors are persistently allocating their capital towards safe-haven assets, thereby bolstering the prevailing uptrend. According to Manoj Kumar Jain, gold prices may approach $4,890, while silver prices could similarly reach $65 over the longer term. Jain advocates for the acquisition of gold and silver during market dips in a systematic manner, while recommending against short selling given the prevailing market conditions. Gold is poised to approach Rs 1,31,000, while silver may also reach Rs 1,71,000.