Some analysts and traders are betting that silver will outperform gold this year. Silver’s historic price performance relative to gold and the ongoing demand-supply dynamics may be the reasons behind such beliefs. Silver is glittering more than gold nowadays even though the yellow metal has entered the correction zone after hitting an all-time high in August last year.
There were hopes of an increase in industrial demand as many large economies swiftly revived from the negative impact of Covid -19 pandemic and this boosted the sentiment in the metal.
Gold and silver have a high positive correlation, and historically silver has always underperformed gold. Gold triggers the initial move in bullion and, eventually, silver gains traction.
Synopsis
In the international market, gold was trading with gains at $1,735 per ounce and silver was flat at $26 per ounce.
Reuters
NEW DELHI: Gold rose by Rs 60 to Rs 44,519 per 10 gram in the national capital on Wednesday supported by strength in global precious metal prices and rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 44,459 per 10 gram. In contrast, silver declined by Rs 200 to Rs 66,536 per kilogram from its previous close of Rs 66,736 per kilogram. Spot gold prices for 24 carats in Delhi were up by Rs 60 supported by strong global gold prices and rupee depreciation, according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Updated Mar 17, 2021 | 11:21 IST
Gold, silver price today: In the international market, spot gold was up 0.21% at $1,734 per ounce, having touched a high of $1,740.90 since March 1. Representational image
New Delhi: Gold, silver prices today rose in India following positive global trend as the yellow metal moved to a two-week high in the international market ahead of the US Federal Reserve s two-day policy meet outcome. On MCX, Gold April futures traded 0.38% higher at Rs 44,985 per 10 grams as compared to previous closing price of Rs 44,813. MCX Silver futures for May delivery edged up by 0.03% to Rs 66,936. Silver touched an intraday high of Rs 67,052.