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Gold Prices Hit Record Highs, Silver Rates also Surge

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On Wednesday, there was a strong rise in the price of gold and silver in Indian Markets. In the global markets, spot gold prices were steady at near 7-year high of $ 1,614. Among the other precious metal, palladium today jumped 1.6% to $2,677.09 an ounce while silver was up 0.4% to $18.24. On the Multi Commodity Exchange (MCX), gold reached an all-time high of Rs 41,619, while silver touched an all-time high of Rs 47,710 per kg.

Due to increased demand for safe investment, gold and silver prices are seeing a surge. Talking about the international market, both gold and silver were trading up on Wednesday. Gold was trending at $ 1,606.60 an ounce and silver at $ 18.32 an ounce.

Talking about the futures price of gold, it was seen fast on Wednesday. On MCX, April gold futures rose as much as 0.5% to ₹41,798 per 10 gram, before giving up some gains. Domestic gold prices tracked gains in global rates which are hovering around seven-year highs. Silver rates also tracked higher today with March futures on MCX rising 0.54% to ₹47,825 per kg.