New Delhi [India], Gold and silver prices, considered safe bets for investors, have seen a slight recovery after their latest spectacular rally this week. These recent declines are partly due to profit-booking by investors given a relative weakness in the USD. The indices (which are directly proportional to their prices), are an indication from the US central bank that it will lower the key interest rate sooner rather than later. Gold has been in demand for a long time, its prices have now reached record highs. And then.The geopolitical conflict in West Asia, which has been prolonged, buying by many central banks including RBI and physical demand has pushed gold prices completely northwards. Gold and silver are also scarce commodities, and any mismatch in the demand-supply situation can last forever. According to the India Bullion and Jewelers Association (IBJA), the yellow metal is trading at its highest level of Rs 74,222 per 10 grams (999) quality gold this Tuesday. On Friday, it traded at Rs 71,950, showing a fall of a little over Rs 2,000. According to CRISIL, benefiting from strong sales, organized gold jewelery retailers are set to post 17-19 per cent revenue growth in the current financial year 2024-25.During this period, silver prices fell by about Rs 4,000 to a little more than Rs 91,000. Globally, gold prices are also at their peak. However, after hovering near a record peak, they fell modestly as recent economic data boosted bets that the US Federal Reserve will begin cutting interest rates later this year. At the time of filing this report, the June futures contract for gold was at. US 2,340.5 per ounce.However, gold prices are about 15 percent higher this year, as healthy investment, continued buying by central banks and higher demand from Asian buyers helped push the price of gold to a record quarterly average of US$2,070 an ounce, which That's 10 percent more than last year. The year 2024 is likely to deliver even stronger returns than the World Gold Council had estimated at the start of the year, up 5 per cent year-on-year and quarter-on-quarter, the World Gold Council recently said. Historically, gold, as an asset, has been considered a haven as it usually manages to retain or appreciate its underlying value in times of turbulence, said Manoj Jain, head of Indore-based Prithvi Finmart. Global gold price is seen at US$2,500 and above in the near term. US$2,600 by the end of the year. For the India market, he expects gold to reach Rs 76,000 in the near term and Rs 80,000 by the end of the year.He said demand from both China's central bank and retail purchases were supporting gold prices. “All the fundamentals for procurement are strong,” he said. As for silver, in particular, he said, strong industrial demand for silver, with demand exceeding supply, pushed its prices higher. According to Vikram Cassatt, head of advisory at Prabhudas Lilladher, silver prices rose due to supply constraints and growth forecasts. Industrial demand is estimated to grow by 9-11 percent."