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Gold, Silver Smash Records Amidst Demand Surge
16 Jan
Summary
- MCX gold and silver prices reached record highs Wednesday.
- Domestic prices surged, while international markets saw declines.
- US President's comments and tariffs influenced global market trends.
Precious metal prices on India's Multi Commodity Exchange (MCX) achieved new all-time highs on Wednesday. Gold surged to ₹1,43,590 per 10 grams, while silver soared to ₹2,91,406 per kilogram, reflecting strong domestic demand.
Conversely, international markets witnessed a retraction on Thursday. Spot gold prices declined 0.6% to $4,594.66 per ounce, and spot silver fell 5.3% to $87.88 per ounce. This dip occurred after earlier record-breaking sessions, as investors took profits.
Global market sentiment was shaped by evolving statements from US President Donald Trump regarding the Federal Reserve chair and uncertainty over tariffs. These factors dampened safe-haven demand for gold and influenced silver's performance, leading to profit-taking across both metals.
