Gold and silver prices continued their upward trajectory for the second consecutive session on Wednesday, following a period of historic volatility observed between January 31 and February 2.75 per ounce. 33 mark in the global commodity markets.
Significant Intraday Volatility in Global Markets
The precious metals market experienced intense fluctuations during Wednesday's trading session, while 31.24. According to market analysts, this extreme volatility reflects the ongoing adjustments in global trade dynamics and shifting sentiment among institutional participants.
Domestic Silver Prices Surge by ₹24,000
In the domestic market, the Delhi bullion market witnessed a strong recovery on Tuesday. 23%) to close at ₹2,84,000 per kilogram. This follows a massive plunge on Monday, where prices had dropped by ₹52,000 to settle at ₹2,60,000 per kilogram. Notably, silver had reached a lifetime high of ₹4,04,500 per kilogram on January 29, before witnessing a sharp 36% decline within just three days.
Gold Rates Rebound by ₹5,000 in Delhi
Parallel to silver, gold prices also saw a significant uptick in the Delhi bullion market on Tuesday, while 3%) to reach ₹1,57,700 per 10 grams, compared to Monday's closing of ₹1,52,700 per 10 grams. Historically, gold had touched an all-time high of ₹1,83,000 per 10 grams on January 29, from which it corrected by approximately 17% or ₹30,300 during the recent three-day slump.
Market Analysis and Historical Context
Analysts observe that during the recent downturn, silver prices fell more than twice as much as gold in percentage terms. While silver dropped by nearly ₹1,44,500 from its peak, gold's decline was relatively contained. Experts suggest that the current price hike is largely a technical correction as the market stabilizes after the historic sell-off, while the recovery is also supported by renewed interest at lower price levels following the steep correction.
So, to wrap up, the recent surge in gold and silver prices marks a period of stabilization after one of the most volatile weeks in recent history. While domestic rates are reflecting international trends, the market remains sensitive to global economic indicators. The interplay between industrial demand for silver and safe-haven demand for gold continues to dictate the price movement in the bullion segment.