Volatile Market: Silver Dips, Gold Rises Amid Global Trends
Silver prices fell by 2%, contrasting with a rise in gold prices. Investors' actions and a fluctuating dollar influenced this trend. The absence of Chinese market participants added to the volatility. Focus now shifts to upcoming economic data that may impact future trading dynamics.
- Country:
- India
The silver market experienced a downturn, with prices declining by 2% to Rs 2.5 lakh per kilogram in New Delhi, despite gold seeing a rise of Rs 700 per 10 grams. This marks a notable divergence in the precious metals market.
According to market analysts, profit-booking by investors, combined with recent central bank purchases and fluctuating tech stocks, significantly impacted silver prices. The global market mirrored this trend as spot silver fell by nearly 1% to USD 76.94 per ounce.
While Chinese market closures during the Lunar New Year added to the market's thinness, attention is now geared towards the U.S. Federal Reserve's upcoming economic indicators and interest rate discussions, which could influence market directions in the coming months.
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