New bullish trend: Eyes are on the 2 lakh target for silver.
Gold and silver prices reached record levels in futures trade. MCX Silver hits new high of Rs 1,93,452 per kg on strong investor demand, US Federal Reserve rate cut. Gold prices also increased. This bullish trend is suggesting targets of Rs.1.95 lakhs – Rs.2 lakhs.
Silver: Silver price touched record level..! How much did my teeth grow in this one day..?
Gold and silver prices continued to rise in futures trade on Thursday also. Silver hits fresh record high of Rs 1,93,452 per kg in futures trade on strong investor demand, US Federal Reserve rate cut by 25 basis points. The gold contract held on February 5 on the Multi Commodity Exchange (MCX) opened at Rs 1,30,250 with a profit of Rs 76 per 10 grams, before closing at Rs 1,29,796. It increased further and reached the maximum level of Rs 1,30,590.
Silver futures also started with gains. This contract opened at Rs 1,88,908 with a profit of Rs 895 per kg in MCX. The previous close was Rs.1,88,735. Later it touched a new high of Rs 1,93,452 with a gain of Rs 4,717. When last seen, it was trading at Rs 1,92,470 with a gain of Rs 3,735 or 1.98 percent.
MCX Silver with strong volumes, bullish candle structure support Rs. Gave a clear breakout above 1,93,000. Staying above this zone will cost you Rs. 1,95,500 – Rs. 2,00,000 targets are achieved, said Rich Money CEO Ponmudhi R. In the international market, COMEX gold price increased by 0.34 percent, trading at around $ 4,239.1 per troy ounce. At 10:30 am, the spot gold price was $ 4,214.5 an ounce. It increased by $7.47 or 0.18 percent.
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