Precious metals put up a dazzling show on Monday, with silver extending its record-breaking rally for a sixth straight session. Strong investor appetite and supportive global trends propelled the white metal to unprecedented heights in the futures market before a sharp correction set in.
Silver's Meteoric Rise and Swift Correction
On the Multi Commodity Exchange (MCX), silver futures for March delivery skyrocketed by Rs 14,387, or 6%, to touch a lifetime high of Rs 2,54,174 per kilogram. This remarkable surge, however, was followed by a swift downturn. Within an hour of hitting the peak, prices plunged to an intraday low of Rs 2,33,120 per kg as investors rushed to secure profits from the spectacular rally.
The buying interest in silver has been sustained, reflecting firm trends in international markets. In a stunning performance over just the past week, silver prices on the domestic bourse have climbed by Rs 31,348, marking a gain of 15.04 per cent. The metal has delivered exceptional returns since the beginning of the calendar year.
Gold Holds Ground Near Record Highs
Meanwhile, gold prices maintained their strength, hovering close to record levels in the domestic futures market. On the MCX, gold futures for February delivery inched up by Rs 357, or 0.26 per cent, to trade at Rs 1,40,230 per 10 grams. The yellow metal had previously scaled an all-time high of Rs 1,40,465 per 10 grams on Friday.
The scenario in overseas markets presented a mixed picture. Gold futures opened higher but later surrendered early gains, slipping to $4,536.80 per ounce. This represented a decline of $15.90, or 0.35%, as investors engaged in profit-booking following a robust rally in the preceding week.
City-Wise Gold and Silver Rates for Investors
For retail buyers and investors, here is a snapshot of the latest bullion prices across major Indian cities on Monday:
Gold Rates (per gram):
- Ahmedabad: 22K at Rs 12,995; 24K at Rs 14,176
- Bengaluru: 22K at Rs 12,990; 24K at Rs 14,171
- Bhubaneswar: 22K at Rs 12,990; 24K at Rs 14,171
- Chennai: 22K at Rs 13,020; 24K at Rs 14,204
- Delhi: 22K at Rs 13,005; 24K at Rs 14,186
- Hyderabad: 22K at Rs 12,990; 24K at Rs 14,171
- Jaipur: 22K at Rs 13,005; 24K at Rs 14,186
- Kolkata: 22K at Rs 12,990; 24K at Rs 14,171
- Lucknow: 22K at Rs 13,005; 24K at Rs 14,186
- Mumbai: 22K at Rs 12,990; 24K at Rs 14,171
Silver Rates (per kg):
- Rs 2,58,000: Ahmedabad, Bengaluru, Delhi, Jaipur, Kolkata, Lucknow, Mumbai
- Rs 2,81,000: Bhubaneswar, Chennai, Hyderabad
The day's trading underscores the volatile yet bullish sentiment surrounding precious metals. While silver's sharp intraday swing highlights the market's sensitivity to profit-taking, the underlying trend for both gold and silver remains strongly positive, driven by a confluence of global and domestic factors.
