Gold and Silver Prices Retreat from Record Highs Amid Easing Tensions
Gold and silver prices in the international market retreated from their record highs on Thursday, driven by signs of cooling geopolitical tensions over Greenland. This development boosted the US dollar, leading to a decline in precious metal prices after a period of significant gains.
International Market Performance
Spot gold price declined by 0.8% to $4,799.79 per ounce, following a record peak of $4,887.82 in the previous session. This marked a fall of as much as 1% after three consecutive days of gains that had pushed gold to an all-time high above $4,888 an ounce. Similarly, US gold futures for February delivery lost 0.6%, settling at $4,806.60 per ounce.
Spot silver price also experienced a downturn, falling 0.9% to $92.38 an ounce. This decline came after silver hit a record high of $95.87 on Tuesday, reflecting a broader trend of weakness in the precious metals sector.
Factors Driving the Decline
The weakness in gold and silver prices today can be attributed to a reduction in safe-haven demand. This shift occurred after US President Donald Trump announced that a "framework of a future deal" over Greenland had been agreed upon, leading to the withdrawal of tariff threats on European nations. Trump's decision to back down from new tariff proposals and plans to annex Greenland by force contributed to a firmer US dollar, which in turn pressured bullion prices.
MCX Gold and Silver Prices
In the domestic market, MCX gold price opened lower at ₹1,51,557 per 10 grams, compared to its previous close of ₹1,52,862. Gold prices were trading lower by ₹638, or 0.42%, at ₹1,52,224 per 10 grams. Notably, MCX gold had touched a fresh record high of ₹1,58,475 in the previous session.
MCX silver price opened higher at ₹3,19,843 per kg, against its previous close of ₹3,18,492. Silver rate traded higher by ₹1,180, or 0.37%, at ₹3,19,672 per kg, after reaching a high of ₹3,25,602. In the previous session, MCX silver price had achieved a fresh lifetime high of ₹3,35,521.
Expert Insights and Market Outlook
Amid these market movements, author and investor Robert Kiyosaki has reiterated his bullish stance on silver, describing it as superior to gold in the current economic environment. Kiyosaki predicts that silver will rise to $200 per ounce by 2026, highlighting its potential for growth despite recent declines.
Investors are advised to stay informed about market dynamics, as fluctuations in geopolitical tensions and currency strength continue to influence precious metal prices. Monitoring live updates and expert analyses can provide valuable insights for making informed investment decisions.
