Gold Prices Likely to Rise Further; Silver May Face Volatility
Gold prices in India are expected to rise further, while silver prices may remain volatile due to fluctuations in the global market. On May 21, spot gold prices initially gained 1% before trimming gains, while spot silver prices declined by around 1%.
Meanwhile, crude oil prices rose, with Brent crude trading near $106 per barrel and US WTI crude above $99. Hopes surrounding renewed US-Iran negotiations and the possible reopening of the Strait of Hormuz briefly eased inflation concerns in global markets.
According to the US Federal Reserve meeting minutes, officials indicated that interest rate hikes may still be possible if inflation remains above the 2% target. This has created uncertainty among investors regarding future rate decisions.
MCX gold prices are currently holding above ₹1,59,500, while MCX silver is trading above ₹2,72,000. Market experts advise investors to remain cautious amid ongoing global economic and geopolitical uncertainty.
