On Friday, MCX gold futures reached lifetime highs on both intraday and closing bases, hitting Rs 59,461 and Rs 59,420 per 10 grams, respectively. The April futures rose by Rs 1,414 or 2.44% from the previous day’s closing price. Additionally, May silver futures gained over 3%, rallying Rs 2,118 per kg to close at Rs 68,649.
The bullish trend in bullion is expected to remain strong over the next week, as a series of banking crises in the US and Europe continue to linger. According to commodity and currency expert Anuj Gupta, yellow metal futures on the MCX are expected to surpass Rs 60,000 next week. He recommends a buying strategy in gold and silver futures.
The increasing tensions in the global banking system, coupled with the rise in demand for safe-haven assets, have led to a surge in gold prices. Gold is considered a reliable hedge against market volatility, and as a result, investors tend to flock to it during times of uncertainty.
As the situation in the banking sector worsens, many investors are looking to gold as a reliable alternative investment. This has resulted in a sharp increase in demand, pushing gold prices higher.
The ongoing pandemic has also contributed to the rise in gold prices. With the economic uncertainty brought about by the pandemic, many investors have turned to gold as a safe investment option. This has further fueled the rise in gold prices.
Overall, the current bullish trend in bullion is likely to continue over the next week. With the continued banking crises and economic uncertainty, gold is expected to remain a popular investment option. As such, investors may want to consider a buying strategy in gold and silver futures to take advantage of the current market conditions.
