Gold – Silver Price Hike: Due to global signals, there is a sharp rise in gold prices. On Wednesday, October 18, 2023, amid strong global cues in Delhi’s bullion market, gold rose by Rs 500 to Rs 60,650 per 10 grams. In its first trading session, gold had closed at Rs 60,150 per 10 grams.
A sharp rise in gold prices is also being seen in the global market. In the global markets, gold is trading at $ 1958 per ounce with a sharp rise. It is expected that if the Fed Reserve does not take a decision to increase interest rates in November, then after the ongoing strengthening of the dollar stops, there is a possibility of further rise in gold prices. In India too, due to increase in demand during the festive season, gold prices are expected to rise to Rs 62,000 per 10 grams.
There has been a sharp rise not only in gold prices but also in silver prices. In the bullion market, the price of silver also increased by Rs 1,000 and closed at Rs 74,700 per kg. Silver prices are also rising in the international market and it is trading at $23.20 an ounce.
On the sharp rise in the prices of gold and silver, Soumil Gandhi, Commodity Analyst at HDFC Securities, said, after the positive trend in the foreign market, a rise in the prices of gold was seen on Wednesday. He said Comex gold has reached its highest level in four weeks as demand for safe-haven assets intensified after unrest in West Asia increased and hopes for a diplomatic solution diminished after a deadly explosion in Gaza.
