Precious Metals Surge: Silver and Gold Rebound in Futures Trade
Silver and gold prices saw a sharp rebound on Tuesday as investors engaged in value buying after a significant sell-off in domestic markets. Silver surged 12.43% on MCX, while the gold contract rose 5.5%. Market confidence was renewed amid safe-haven demand, bargain hunting, and international market recoveries.
- Country:
- India
After a tumultuous three-day decline, silver and gold prices experienced a notable resurgence in futures trading on Tuesday, driven by appetites for value buying.
On the Multi Commodity Exchange, silver for March delivery rocketed by 12.43%, thanks to heightened investor activity. Simultaneously, April gold contracts jumped by 5.5%, marking a significant price recovery. The drastic comeback followed a harsh sell-off influenced by a strong dollar and speculative movements. This turnaround underscores renewed investor confidence despite lingering volatility.
Reports indicate that international markets reflected similar trends, with significant gains in silver and gold futures on New York's Comex. Contributing factors include the absence of critical economic data from the US due to a partial government shutdown and improved India-US trade relations aiding the Rupee.
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