Gold prices touched a new milestone on February 24, crossing the ₹1.60 lakh mark per 10 grams in the domestic futures market. The rally was recorded on the Multi Commodity Exchange of India (MCX), where gold futures saw strong buying interest. Meanwhile, silver prices traded in a narrow range and remained largely flat during the session.
Market analysts attribute the sharp rise in gold prices to increased safe-haven demand amid global economic uncertainties. Fluctuations in international markets, movements in the US dollar, and cautious investor sentiment have supported the upward momentum in precious metals. Whenever volatility rises in global financial markets, investors often turn to gold as a protective asset.
On MCX, gold futures for the near-month contract climbed above ₹1.60 lakh, marking one of the highest levels seen in recent times. Traders reported active participation, especially during early trading hours. In contrast, silver futures showed limited movement, reflecting balanced demand and supply conditions.
Experts suggest that while the broader trend for gold remains strong, profit-booking at higher levels could lead to short-term corrections. Silver prices, on the other hand, are expected to respond more to industrial demand trends and global cues in the coming days.
Financial advisors recommend that investors adopt a cautious approach at elevated price levels. Long-term investors may consider staggered buying strategies, while short-term traders should closely monitor global developments and currency movements.
Overall, gold’s record-breaking surge has added fresh momentum to the bullion market, while silver continues to hold steady, awaiting clearer directional signals from global markets.
