Silver prices edged higher against gold on Thursday. Gold prices also weakened in the global market, while silver gained marginally.
Gold Price Today: Gold prices fell, silver did not become cheaper
On Thursday, gold prices witnessed a sharp fall in the national capital's bullion market, while silver prices rose for the third consecutive day. According to the All India Sarafa Association, gold prices fell by ₹640 due to weak global cues and weak buying by stockists and retailers. According to PTI news, the price of 99.9% purity gold fell by ₹640 to close at ₹1,29,460 per 10 grams. The price of 99.5% purity gold fell by ₹640 to close at ₹1,28,860 per 10 grams.
Reason for the decline: Easing of Russia-Ukraine tensions -
Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, cited this as the main reason for the weakness in gold. He said that progress towards a Russia-Ukraine peace agreement has eased geopolitical tensions, eliminating the geopolitical premium and prompting investors to book profits.
Why Silver Didn't Fall -
Unlike gold, silver prices saw a sharp rise. Silver prices rose by ₹5,100 to ₹1,68,200 per kilogram (including all taxes). This is the third consecutive session of gains for silver. In the last three sessions, silver has gained ₹13,200, well above Monday's ₹1,55,000 per kilogram level.
International Market and Stocks in China -
Gold prices also weakened in the global market, while silver strengthened slightly. Spot gold fell $5.60, or 0.13%, to trade at $4,158.38 per ounce. Spot silver rose slightly to $53.39 per ounce. Gandhi noted that trading volumes remained low due to the Thanksgiving holiday in the US, and the market is now awaiting positive signals.
A major reason for the rise in silver prices is supply concerns, exacerbated by stockpiles in China. Gandhi noted that global silver reserves have reached their lowest level in a decade. Silver stocks in warehouses linked to the Shanghai Futures Exchange are now at their lowest level since 2015. To alleviate the supply shortage, a significant amount of silver has recently been shipped to London, supporting prices.
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