Gold shoots past Rs 1.62 lakh, silver eyes Rs 4 lakh: Should you buy now?
India Today
Gold and silver remain firmly in an uptrend, but analysts warn the rally is getting stretched. With prices at record levels, should you buy precious metals or avoid them?
Gold and silver prices have jumped sharply once again, extending their strong global and domestic rally. With gold hitting fresh highs and silver now inching toward the Rs 4 lakh mark on the MCX, analysts say the trend remains positive but warn that buyers should move carefully.
Globally, gold has surged to a record $5100 per ounce, driven by aggressive central bank buying, especially from China and Poland. Silver has climbed to $117 per ounce as safe-haven demand picked up after tariff tensions between the US and South Korea.
“Precious metals are firmly back in the spotlight. Gold has surged because central banks continue to accumulate aggressively. Silver too is gaining on safe-haven demand,” said Aamir Makda, Commodity and Currency Analyst at Choice Broking.
On the MCX, gold has hit a new peak near Rs 1,62,500, supported by steady USD/INR levels. According to Ponmudi R, CEO of Enrich Money, gold remains in a strong uptrend.
“Gold has solid support at Rs 1,57,000 to Rs 1,59,000, and buyers are stepping in on every dip. If prices break above Rs 1,65,000 to Rs 1,67,500, we may see a move towards Rs 1,70,000 to Rs 1,73,000,” he said.
Silver is also showing strong upward momentum and is now firmly above Rs 3,80,000 on the MCX.
Gold and silver remain firmly in an uptrend, but analysts warn the rally is getting stretched. With prices at record levels, should you buy precious metals or avoid them?
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