What’s inside:
Silver and gold prices took a hit on Monday due to profit-taking at the Multi Commodity Exchange (MCX). Record highs were followed by a decline in prices due to weak global cues and investor caution.
Silver prices saw a sharp decline on Monday at MCX due to profit-taking after reaching record highs. The initial session saw silver prices reach an all-time high of ₹2,54,174 per kilogram. However, investors prioritized profit-taking after the historic surge, leading to a noticeable drop in prices. By the end of trading at MCX, silver prices closed at ₹2,32,663 per kilogram, a decrease of nearly 3%.
Last week, silver prices at MCX recorded a significant surge of around 15.04%, prompting investors to take profits. Market experts believe that technical corrections are necessary after such rapid increases.
Gold prices also saw a weakness on Monday as profit-taking led to a break in the four-day rally. Gold prices dropped by 1.07% to ₹1,38,376 per 10 grams. This decline follows gold reaching a new record level of ₹1,40,465 per 10 grams on Friday.
Experts suggest that towards the end of the month and year, investors may rebalance their portfolios, potentially putting pressure on gold and silver prices. Global uncertainty and the demand for safe investments could continue to support the precious metals market.
Disclaimer: This rewrite is based on information from the original source. No buying or selling recommendations are provided. Consult certified experts before making market-related decisions.