Now Reading: Gold and silver rally in August after July slump
-
01
Gold and silver rally in August after July slump
Gold and silver prices have reversed sharply in early August after a subdued July. On August 9, MCX gold futures rose 0.60% to ₹1.45 lakh per 10 grams, while silver futures gained…
The Story in Brief
Gold and silver prices have reversed sharply in early August after a subdued July. On August 9, MCX gold futures rose 0.60% to ₹1.45 lakh per 10 grams, while silver futures gained 0.99% to ₹2.23 lakh per kg, Business Today reports. This follows a strong rally in the week ending August 8, when gold surged 7.3% to $4,342 an ounce and silver jumped 10.3% to $63.90, according to The Hindu Business Line.
The turnaround comes after a lacklustre July. The Hindu reported that MCX gold fell 1.71% to ₹1,43,376 per 10 grams in July, and silver dropped 4.6% to ₹2,17,198 per kg, as geopolitical tensions and US rate hike concerns kept prices in check. The Federal Reserve's decision to hold rates unchanged late in July triggered the recovery.
The Indian Opinion
The sharp swings in gold and silver prices this month are feeding a narrative of a safe-haven rush, but that is too simple. The July slump came on rate hike fears, and the August rally after the Fed paused. Investors should not mistake a short-term bounce for a sustained trend. The real test will come if the Fed signals another hike. Until then, treat every rally with caution.
Sources (3): thehindu.com, thehindubusinessline.com, businesstoday.in
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
