9 April 2024 – The precious metals market witnessed a significant surge on April 9, 2024, with gold prices reaching an all-time high of Rs 71,026 per 10 grams, while silver also showed an upward trend, opening at Rs 81,971 per kg. This surge was fueled by various factors including global market dynamics and domestic demand patterns.
Gold prices on the Multi Commodity Exchange (MCX) opened at Rs 71,026 per 10 grams and experienced slight fluctuations throughout the trading day, hitting an intraday low of Rs 70,988. In the international market, gold prices hovered around $2,346.05 per ounce, reflecting a bullish sentiment driven by geopolitical tensions and anticipation of interest rate reversals.
Meanwhile, silver opened at Rs 81,971 per kg on the MCX and recorded an intraday low of Rs 81,776. In the global market, silver prices remained steady around $27.92 per ounce. Experts attribute this upward trajectory to factors such as sustained geopolitical tensions and the ongoing buying of gold by global central banks.
Sachin Jain, Regional CEO, India, World Gold Council, highlighted the impact of high gold prices on consumer demand, noting a near-stagnant jewellery demand in the first quarter. However, with the onset of the festive season in April, including Gudi Padwa, Ugadi, Chaitra Navratri, and Ramzan Eid, an uptick in consumer purchases is expected, driving gold demand upwards.
