Silver and Gold Prices Bounce Back Amid Global Market Shifts

Silver and gold prices rallied in the national capital after a three-day drop, with silver rising Rs 24,000 to Rs 2.84 lakh per kg and gold climbing to Rs 1.57 lakh per 10 grams. The rebound is attributed to global market cues and a weak US dollar, according to industry analysts.

Silver and gold prices experienced a significant rebound in the national capital on Tuesday, following a steep three-day decline. The white metal surged by Rs 24,000, reaching Rs 2.84 lakh per kg, while gold climbed to Rs 1.57 lakh per 10 grams, driven by favorable global market cues and a weakening US dollar.

The recovery in precious metals was confirmed by the All India Sarafa Association, highlighting a considerable uptick in silver prices by 9.23 percent and gold rising by 3.3 percent compared to Monday's closing figures. Saumil Gandhi from HDFC Securities noted that the bounce was due to bargain hunting and investors seizing opportunities after a record-setting rally unraveled.

On the international front, both metals mirrored domestic trends, with notable gains in spot prices. Factors such as higher margin requirements and potential shifts in US policy have contributed to the recent volatility, as global markets now turn their attention to forthcoming economic indicators and policy changes.

(With inputs from agencies.)