Fall halted as gold and silver surge sharply, silver jumps by this amount and gold also rises strongly

New Delhi (The Uttam Hindu): After several days of weakness, the bullion market showed a strong recovery on Tuesday. The recent decline in gold and silver prices came to a halt as both precious metals recorded a sharp rise at the opening of futures trade on the Multi Commodity Exchange (MCX). As soon as the market opened, silver prices jumped by over ₹21,000, while gold became costlier by more than ₹5,000.

Strong rise in silver at market opening

At the start of Tuesday’s session on MCX, heavy buying was seen in silver futures with March 5 expiry. Silver surged by more than ₹21,000 from its previous close. On Monday, silver had closed at ₹2,36,261 per kg, while on Tuesday morning it opened sharply higher at ₹2,57,480 per kg. Despite this strong rally, silver is still trading well below its record high. On January 29, silver had touched an all-time high of ₹4,30,048 per kg, meaning current prices remain about ₹1.62 lakh lower.

Gold prices also rebound, cross ₹1.49 lakh

Gold prices also witnessed a strong recovery. On MCX, gold futures with April 2 expiry had closed at ₹1,43,991 per 10 grams on Monday. With the opening of trade on Tuesday, prices jumped to ₹1,49,485 per 10 grams, marking a rise of ₹5,494 per 10 grams. However, like silver, gold is also trading below its lifetime high. On January 29, gold had reached a record level of ₹1,93,096 per 10 grams. Even after today’s surge, gold remains around ₹43,611 cheaper than its peak.