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Gold & Silver Surge: Dollar Weakness Fuels Price Spike
15 Dec
Summary
- Gold and silver prices surged significantly in both Indian and global markets.
- MCX gold saw a ₹1,874 per 10 grams intraday gain.
- International gold prices climbed over $56 per ounce.
Precious metals have seen a significant upswing in both Indian and global markets. This rally is primarily attributed to a confluence of factors including the weakening US Dollar, a dip in Indian Rupee value, and declining US bond yields. These conditions created a favorable environment for gold and silver.
On the Multi Commodity Exchange (MCX), gold prices demonstrated strong buying activity, recording an intraday gain of ₹1,874 per 10 grams and reaching a high of ₹1,35,496 per 10 grams. Concurrently, silver rates on MCX surged by ₹6,195, touching a peak of ₹1,99,046 per kg.
The international markets mirrored this trend, with COMEX gold prices surging by over $56 per ounce to an intraday high of $4,384 per ounce. Silver prices also experienced a notable increase, climbing around $2 per ounce to reach $64.018 per ounce in early trading.
