Commodity Market: There is a decline in gold prices. It has slipped below 76500 on MCX. At the same time, both gold and silver on COMEX have fallen below 1 week. The spot price of gold in the US is also below $2610. Similarly, pressure is being seen in silver prices also. Silver on MCX has slipped below 87500. The spot price of silver in the US is also below $29. The spot price of silver is the lowest since September.
There is pressure on gold and silver prices due to strengthening of dollar and bond yields. The dollar index remains near its two-year high. Meanwhile, the strict stance of the Fed has also put pressure on gold and silver.
Let us tell you that on January 29, the Fed will take a decision on interest rates. The market has little hope of reducing rates in January.
Meanwhile, if we look at the movement of gold and silver, there has been a decline of 0.29 percent in gold in one week while silver has fallen by 3 percent. At the same time, gold has declined by 1 percent and silver by 6 percent in a month. Whereas in 1 year, gold has given 27 percent return and silver has given 22 percent return.
Gold prices can go up to 3000 dollars per ounce
Talking about the future outlook of gold and silver Chirag Seth, Principal Consultant, Metals Focus It is said that due to rebalancing of many portfolios in January, 2025 may remain volatile for gold. The rally in gold may not be the same as it has been seen in the last 2-3 years, but we may still see a rise of 10-12 percent in gold from the current level.
He further said that gold prices may go up to $3000 per ounce in the first quarter. If gold does not show the level of Rs 3000 per ounce in the first quarter, then these levels may not be seen for the whole year. This year, between 800-900 tonnes of gold can be imported.
There is concern regarding tension between Ukraine and Russia. On the other hand, the market believes that there is little hope of rates falling in January. Many factors will be seen in the market due to which increased volatility will be visible in gold.
Silver price may go up to Rs 125000 in 2025
Rahul Mehta, MD of Silver Emporium Said that the price of silver can go up to Rs 125000 in 2025. Investment demand will increase in January 2025. He says that industrial and consumption demand for silver will remain strong. However, profit booking may be seen in silver prices.
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