By Admin 
Gold Price Predictions: Amidst the ongoing global uncertainties and geopolitical tensions, gold and silver prices are expected to remain strong in the next week also. According to market experts, investors’ eyes are on several major developments simultaneously, which include the US Supreme Court hearing on trade tariffs in the US, the upcoming monetary policy meeting of the Federal Reserve and the Union Budget to be presented in India on February 1.
All these factors can have a direct impact on both international and domestic precious metal markets. Especially any change related to import duty or tax in the budget can cause sharp movement in the prices of gold and silver in India.
Silver crosses Rs 3 lakh for the first time
Last week, a huge rise of about 9.5 percent was recorded in the price of gold on the domestic futures market MCX and it reached an all-time high of Rs 1,59,226 per 10 grams. At the same time, silver showed even faster pace and jumped by almost 16 percent and crossed the mark of Rs 3 lakh per kg for the first time. Talking about the international market, gold on Comex reached near the record level of $ 5,000 per ounce, while silver crossed the historical level of $ 100 per ounce for the first time. This rise has been seen mainly due to US-Iran tension, fear of global economic slowdown, fluctuations in the dollar and increasing demand for safe investments.
Experts believe that the Federal Reserve may not change interest rates this month, but given the weak labor market and signs of inflation, there is a possibility of cutting rates at least twice this year.
Generally, expectations of interest rate cuts support non-interest bearing assets like gold and silver. Apart from this, US President Donald Trump’s tough and then soft statements regarding tariffs have also increased the volatility in the market, due to which investors are continuously turning towards safer options.
warning of temporary decline
However, experts are also warning that after such a sharp rise, intermittent profit-booking may be seen, which may lead to a temporary fall in prices. But overall, as long as global tension, economic uncertainty and confusion regarding policy decisions persist, gold and silver prices are expected to continue to receive strong support. In such a situation, the strategy for investors is to see the decline as a buying opportunity and not as a signal to panic and exit the market.
Also read: Gold lost its shine on Republic Day, know the latest prices of your cities on 26th January.