New Delhi: Gold prices relaxed by 1% on Friday following a sharp rise after the government increased import duty. On the Multi Commodity Exchange (MCX), the futures price of 24-carat gold declined by Rs 2,936 or 1.8 percent, to Rs 1,59,042 per 10 grams. In the previous session, gold had settled at Rs 1,60,992 per 10 grams.
Silver prices remain elevated, driven by strong industrial requirements and its appeal as a more affordable entry point for investors. In most major metros, silver is hovering at ₹2,99,900 per kilogram.
In just one month, GSR has plunged by 7.5 points to 55.62 amidst failed truce talks keeping oil prices and Dollar elevated. Domestic bullion also rose sharply on May 13, following the Indian Government’s decision to impose a 15 percent duty hike on precious metals. The bullion market has been facing pressure on several fronts like stronger US inflation data and rising Treasury yields to India’s tighter import rules.
Silver futures for July delivery were trading 6.82 percent down to Rs 2,71,259 per kilogram on Friday (May 15), while the gold contract for June traded 1.93 percent lower to Rs 1,58,850 per 10 grams (as of 15:15 IST). Silver had surged above Rs 3 lakh per kg after the duty announcement, but prices later collapsed by nearly Rs 20,000 from the peak in just two sessions.
Which metal should you favour?
Experts’ advice that both gold and silver ratio nears 56, which indicates a perfect balance in the history. “Silver offers higher leverage in a bull run but also far greater downside volatility. For retail investors, systematic accumulation via digital silver or SIPs in silver ETFs, rather than lump-sum physical buying at current elevated prices, is the more prudent path,” an expert quoted on being asked about the best investment.
Meanwhile, Brent crude traded near $109 per barrel, while WTI hovered around $105. Higher oil prices have intensified inflation concerns and reduced expectations of monetary easing.
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