Gold Snaps 4-Day Losing Streak, Jumps to ₹90,685
After a four-day slump, gold prices finally rebounded on Wednesday, rising by ₹235 to touch ₹90,685 per 10 grams. This significant turnaround was driven by firm global trends, fresh buying by retailers, and a degree of optimism in the market.
The All India Sarafa Association, a prominent industry body, reported that gold prices rose by ₹235 to close at ₹90,685 per 10 grams, marking a significant reversal from the previous day’s losses. This price hike is a welcome respite for gold investors, who had been nursing losses over the past four days.
So, what caused this sudden turnaround in gold prices? Industry experts point to a combination of factors, including firm global trends and fresh buying by retailers. It appears that investors, who had been waiting for a buying opportunity, finally decided to jump into the market, driving prices higher.
Global trends have been playing a significant role in shaping gold prices over the past few days. The yellow metal has been trading mixed on the global front, with prices rising in some markets and falling in others. However, the overall trend has been upward, with prices closing higher in most major markets.
In addition to global trends, gold prices were also boosted by fresh buying from retailers. The All India Sarafa Association reported that a significant amount of gold was sold to retailers, who were looking to take advantage of the low prices. This buying activity helped to drive prices higher, as demand increased and supplies tightened.
The rebound in gold prices was not limited to the yellow metal alone. Silver prices also recovered by ₹1,500 to touch ₹1,01,500 per kg, marking a significant turnaround from the previous day’s losses. This recovery in silver prices was driven by a similar set of factors, including firm global trends and fresh buying by retailers.
The rebound in gold prices is a welcome respite for investors, who had been nursing losses over the past few days. The yellow metal had been trading lower due to a combination of factors, including a strengthening rupee and a decline in global prices. However, the recent turnaround suggests that investors are starting to regain confidence in the market.
The question on everyone’s mind now is whether this rebound is sustainable or just a temporary blip. Industry experts believe that the rebound is sustainable, as global trends and domestic demand are likely to continue to support prices. However, they also caution that the market is subject to a range of risks, including changes in global trends and interest rates.
In conclusion, the rebound in gold prices is a welcome respite for investors, who had been nursing losses over the past few days. The yellow metal has been trading mixed on the global front, but the recent turnaround suggests that investors are starting to regain confidence in the market. As the market continues to evolve, it will be interesting to see whether this rebound is sustainable or just a temporary blip.
Source: https://repository.inshorts.com/articles/en/PTI/4ea52a2c-8127-4b81-b2fb-15a38631dc3e
