If you are planning to buy gold and silver for the upcoming wedding season, this could be a right time for you. Prices of both metals have declined in global as well as domestic markets. On the global futures market, Comex gold prices fell by 2.29% to $4,702.70 per ounce. Similarly, silver prices dropped by 3.82%.
The decline in the international commodity market is mainly attributed to a sharp rise in crude oil prices. Crude oil surged by 11.94% to $112.06 per barrel following an address by US President Donald Trump.
Although Trump spoke about ending the Iran conflict within two to three weeks, he did not provide a clear timeline. His statement has added to market uncertainty. Investors are currently shifting towards the dollar index and crude oil, as they are offering better returns compared to gold and silver, which are traditionally seen as safe-haven assets.
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In the domestic market, gold prices on MCX closed at Rs 1,49,650 per 10 grams on Thursday. Silver prices ended at Rs 2,32,600 per kg, down 4.48%.
Given the current market conditions, investors are staying cautious about commodities like gold and silver. However, the dip in prices is proving beneficial for consumers.
With the wedding season underway in India, demand for gold and silver jewellery typically rises. Buyers often make purchases regardless of price, making the current dip a favourable opportunity.