Due to the wedding season in the country, the demand for gold and silver is increasing continuously, due to which the prices are also seeing a jump. Despite the softening in the global market, the price of gold increased today and the futures price again crossed 50 thousand.
Due to the volatility in the global market, today the domestic bullion market also saw a jump in the prices of gold and silver. Due to the increase in demand in the wedding season, the price of gold has again crossed 50 thousand, while the rate of silver is running around 61 thousand.
On the Multicommodity Exchange (MCX), the futures price of 24 carat purity has increased by Rs 157 to Rs 50,405 per 10 grams on Tuesday morning. Trading started on the exchange in the morning at the rate of 50,399 and soon due to increase in demand, it rose 0.31 percent to Rs 50,405. Earlier, there was a continuous decline in the prices of gold, when its prices had come down below the price of 50 thousand.
silver also shines
On the lines of gold, silver is also seen on the rise in today’s business. Silver rose by Rs 181 to Rs 61,107 per kg in the morning futures on the Multicommodity Exchange. Silver also started trading openly at 60,985 with an increase in the morning, but due to increasing demand and consumption, it soon started showing a jump of 0.30 percent and the futures price of silver crossed 61 thousand.
There is a slowdown in the global market
The luster of gold and silver is fading in the global market. In today’s business also the market of both the metals remained soft. In the US market, gold is selling at the spot price of $ 1,825.24 an ounce and is down by 0.09 percent. Similarly, the spot price of silver was also trading at $ 21.61 an ounce, which is trading flat from yesterday’s close. Last month, the price of silver had reached close to $ 27 an ounce.
Hence the rising metal prices
According to experts, after raising interest rates by the US Fed Reserve, the pressure on the market has also increased. Stock markets around the world including America, Europe are still under pressure and investors are also afraid of losing their money.
In such a situation, considering it as a safe haven, people are turning to gold again and increasing the purchase of the yellow metal. Due to the wedding season in the Indian bullion market, there is a demand. This is the reason that despite the decline in the global market, gold and silver are becoming expensive in the domestic market.
