The precious metals market, often influenced by many global factors, recently witnessed a roller coaster ride as gold prices fell below the Rs 60,000 levels, prompting investors to re-evaluate their strategies. However, amid the gold tumult, silver emerged as a resilient contender, presenting an excellent opportunity for those looking to sell silver. This article delves into recent market dynamics and the price of silver per gram, shedding light on the factors influencing its trajectory.
Silver’s rapid surge
Silver soared as gold faced headwinds, opening at ₹70,998 per kg on the Multi Commodity Exchange (MCX). Moments after the market opening bell, silver hit an intraday high of Rs 71,155, demonstrating its strong performance. At the same time, silver maintained its strength internationally, hovering around $22.70 per ounce. Experts attribute this silver high to the recent rise of the US Dollar Index, which saw a significant rise of 0.80% this week, following the US Federal Reserve Chairman’s focus on inflation following the meeting of the Federal Open Market Committee (FOMC).
Factors behind fluctuations
Amit Sajeja, vice president of research at Motilal Oswal, shed light on the recent fluctuations. The sharp rise in gold and silver prices, fueled by the conflict between Israel and Hamas, caused a cautious attitude among investors. Gold prices reached $2,000 in the international market, raising fears about new purchases. Additionally, the US Federal Reserve’s pivot to inflation slowed the rally, leading to profit booking as bullion prices reached overbought levels.
Amid market fluctuations, silver forums talk about the optimal time to sell 1 kg of silver. Sajeja’s analysis indicates a possible drop in gold price to ₹59,500/10 gm, creating a strategic entry opportunity for savvy investors. However, he advises caution and recommends a strict stop loss of Rs 58,500 for those venturing into the market.
In conclusion, timing is key in the ever-evolving precious metals landscape. As investors contemplate when to sell silver, current market conditions suggest a nuanced approach. While the recent relief rally offers opportunities, potential additional corrections should be considered. Approaching Dhanteras 2023, investors should tactfully navigate the silver market within the range of ₹59,500 to ₹59,000, emphasizing prudent risk management. The silver cap, silver price per gram, and silver forum discussions can guide investors in making informed decisions while navigating silver market fluctuations.
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