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The precious metals market, often influenced by many global factors, recently witnessed a rollercoaster ride as gold prices dipped below ₹60,000 levels, prompting investors to reassess their strategies. However, amidst the gold tumult, silver emerged as a resilient contender, presenting a prime opportunity for those looking to sell silver. This article delves into the recent market dynamics and the silver price per gram, shedding light on the factors influencing its trajectory.

Silver’s Swift Surge

Silver soared as gold faced headwinds, opening at ₹70,998 per kg on the Multi Commodity Exchange (MCX). Within moments of the market’s opening bell, silver reached an intraday high of ₹71,155, showcasing its robust performance. Simultaneously, silver maintained its strength in the international arena, hovering around $22.70 per ounce. This silver top, experts attribute to the recent ascendence in the US dollar index, which witnessed a significant surge of 0.80% this week, following the US Fed chair’s focus on inflation after the Federal Open Market Committee (FOMC) meeting.

Factors Behind the Fluctuations

Amit Sajeja, Vice President of research at Motilal Oswal, shed light on the recent fluctuations. The sharp ascent of gold and silver prices, driven by the Israel-Hamas conflict, prompted a cautious approach among investors. Gold prices touched $2,000 in the international market, leading to apprehensions about fresh buying. Additionally, the US Fed’s pivot towards inflation dampened the rally, triggering profit booking as bullion prices reached overbought levels.

Amidst market fluctuations, silver forums are buzzing about the optimal timing to sell 1kg of silver. Sajeja’s analysis indicates a potential gold price dip to ₹59,500/10 gm, creating a strategic entry opportunity for savvy investors. However, he advises caution, recommending a strict stop loss at ₹58,500 for those venturing into the market.

In conclusion, timing is key in the ever-evolving landscape of precious metals. As investors contemplate when to sell silver, the current market conditions suggest a nuanced approach. While the recent relief rally provides opportunities, potential further corrections must be considered. Approaching Dhanteras 2023, investors should tactfully navigate the silver market within the ₹59,500 to ₹59,000 range, emphasizing prudent risk management. The silver top, silver price per gram, and discussions on silver forums can guide investors in making informed decisions as they traverse the fluctuations in the silver market.

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