Gold rose on the first day of the year, silver prices fell
Gold rose on the first day of the year, silver prices fell. On the first trading day of 2024, there is a rise in gold prices and a fall in silver prices. The domestic futures price of gold (Gold Price Today) on MCX exchange was seen trading with an increase on Monday morning. Gold for delivery on February 5, 2024 was currently seen trading at Rs 63,332 per 10 grams with a rise of 0.20 per cent or Rs 129. Talking about the global market, there is a decline in the prices of gold and silver. The year 2024 can be a good year for gold. According to commodity experts, this year gold can go up to Rs 72,000 per 10 grams.
Fall in silver prices
Apart from gold, there has been a decline in the domestic futures prices of silver (Silver Price Today). On Monday morning, on MCX exchange, silver for delivery on March 5, 2024 was seen trading at Rs 74,279 per kg, down by 0.20 per cent or Rs 151.
Global price of gold
Talking about the global market, both spot and future prices of gold closed with a decline on Friday. Gold futures on Comex closed at $ 2071.80 an ounce, down 0.56 percent by $ 11.70. At the same time, the global spot price of gold fell by 0.13 percent or $ 2.63 and closed at $ 2062.98 an ounce.
Global price of silver
Along with gold, global prices of silver also declined on Monday. The global futures price of silver closed at $ 24.09 an ounce on Friday, down 1.17 percent or $ 0.29. At the same time, the global spot price of silver fell by 0.75 percent or $ 0.18 and closed at $ 23.80 an ounce.
Gold may go up to Rs 72,000 in 2024
There is a continuous increase in the price of gold. But there is also a possibility of intermittent decline. Key support levels for gold are assessed at ₹59,500 and ₹58,700 per 10 grams. Fall in prices may attract buyers. Due to this, prices may reach a new record high of around ₹ 72,000 per 10 grams in the year 2024.
How far will the price of silver go in 2024?
Investors are attracted towards silver due to strong industrial demand. Globally, in the year 2023, silver is seen trading in the range of $20 to $26 an ounce. After moving above $26 per ounce or ₹78,500 per kg, silver will see a strong momentum towards $30 per ounce or ₹85,000-88,000 per kg. The support level of silver is Rs 70,000 per kg. Below this the support is at Rs 66,500 per kg.
