What will be the impact on gold and silver? Threat looms after the US attack on Venezuela!
What Will Be The Impact On Gold And Silver: Following the US airstrikes on several targets in Venezuela, various speculations are being made. Discussions have intensified, especially regarding the prices of everything from crude oil to gold and silver. Some experts predict that the impact on crude oil prices will not be significant, as Venezuelan oil already accounts for a small share of the global supply market.
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However, some experts are expecting a surge in the prices of gold and silver. They say that when the market opens on Monday, a significant jump in the prices of precious metals like gold and silver can be seen. Let's understand from the experts how much their prices might increase...
Impact on the prices of gold and silver
Director of Ya Wealth Anuj Gupta said that the US attack on Venezuela has further increased geopolitical tension, which will be reflected in the commodity market on Monday.
Could lead to a sharp rise in the prices of precious commodities
He estimates that gold, silver, copper, crude oil, and gasoline will start with a strong upward trend. Gupta said that COMEX gold could rise from $4,345.50 per ounce to $4,380, while silver could reach the range of $75-78. Brent crude oil could become more expensive, reaching $62 to $65 per barrel. Sandeep Pandey, co-founder of Capital, said that the US-Venezuela conflict has also raised concerns about shipping routes for silver exporters, which could lead to supply shortages and further increases in gold and silver prices.
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How much can gold and silver prices rise?
Anuj Gupta said that gold prices on MCX could reach Rs 1,40,000 per 10 grams. Meanwhile, silver prices could rise to Rs 2,45,000 per kilogram. MCX crude oil prices could remain around Rs 5,200-5,300 per barrel.
Current gold and silver prices
On MCX, the price of 1 kg of silver is Rs 2,36,599 per kg, and its record high level is Rs 2.54 lakh per kg. As for gold, the price of 10 grams of gold for the February 5th futures contract is Rs 1,35,752, and its record high level is Rs 1.40 lakh.
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