On Monday, silver prices fell by about 2 percent to Rs 2.5 lakh per kg in the bullion market of the national capital. At the same time, gold increased by Rs 700 per 10 grams and closed at Rs 1,59,200. According to All India Bullion Association, the price of silver was Rs 2,55,000 per kg on Friday, which fell by Rs 5,000 or 1.96 per cent to Rs 2,50,000 per kg on Monday. On the other hand, the price of 99.9 per cent pure gold increased from Rs 1,58,500 to Rs 1,59,200 per 10 grams.
Lemon Markets Desk research analyst Gaurav Garg said that after the weekend’s rally, investors took profits, which led to a soft trend in silver. However, central bank buying, demand for safe havens amid decline in technology and AI stocks and a weak dollar index helped offset losses.
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How is the condition of global markets?
In global markets too, silver fell by about 1 percent to $ 76.94 an ounce and gold fell by $ 40.10 to close at $ 5,003.01 an ounce. Saumil Gandhi, senior commodity analyst at HDFC Securities, said a slight strengthening of the dollar and subsequent lack of buying put pressure on gold.
He said business activities remained slow due to the closure of the Chinese market due to the Lunar New Year holidays. Market sentiment weakened due to the fluctuations in silver due to the absence of Chinese investors. Thus, on Monday, a fall in silver and a slight rise in gold were seen, but global and domestic conditions overall kept the prices under control.
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