Gold and Silver Prices Surge to New Peaks on MCX
Gold and silver prices on the Multi Commodity Exchange (MCX) continue to break records. Strong demand for these precious metals is driving the rally. On Wednesday, MCX gold reached an unprecedented high of ₹1,43,590 per 10 grams. Silver also hit a lifetime peak of ₹2,91,406 per kilogram.
Domestic Market Shows Robust Gains
In the domestic market, MCX gold prices climbed 0.67% to settle at ₹1,43,201 per 10 grams. Silver performed even better, jumping 5% to ₹2,89,000 per kg. The Indian stock market remained closed for a holiday on January 15, 2025. Trading in commodity markets will resume with the evening session starting at 5 PM.
International Markets Experience a Pullback
International markets saw a different trend on Thursday. Gold and silver prices declined as investors cashed in profits after several sessions of record highs. The drop in gold prices followed comments from US President Donald Trump. He adopted a softer tone regarding Federal Reserve Chair Jerome Powell, reducing safe-haven demand for bullion.
Trump stated he has no immediate plans to fire Powell despite an ongoing Justice Department criminal investigation. However, he noted it was "too early" to decide his final course of action, according to Reuters. Additionally, the US Supreme Court did not issue a ruling on the closely watched legal challenge to Trump's tariffs.
Spot gold prices fell 0.6% to $4,594.66 per ounce. In the previous session, bullion had reached a record high of $4,642.72. US gold futures for February delivery eased 0.8% to $4,599.50.
Silver Prices Retreat After Sharp Rally
Silver prices also pulled back sharply after surging to a record high. The US decision to hold off on imposing tariffs on imports of critical minerals contributed to the decline. Spot silver dropped 5.3% to $87.88 per ounce. Earlier in the session, it had hit an all-time high of $93.57. Over the previous four sessions, silver prices had surged more than 20%.
Stay tuned for the latest updates on gold and silver rates in our live blog.
