Despite the decline in the global market, due to the wedding season and increasing consumption in the domestic market, gold and silver prices are continuously rising.Â
This is the reason that gold is once again reaching above 51 thousand and silver is approaching 63 thousand.
Gold and silver prices rose even today due to increased demand in the wedding season. In the morning trade, gold was selling above 51 thousand, while the price of silver has gone above 62 thousand.
On the Multicommodity Exchange (MCX), the futures price of 24 carat purity gold rose marginally by Rs 7 to Rs 51,350 per 10 grams on Monday morning. Earlier, gold trading started at Rs 51,259, but due to increased buying and demand, soon the futures price of the yellow metal rose by 0.01 per cent to Rs 51,350. The prices of gold had declined in the last consecutive session.
Silver prices also increased
Following the path of gold, today silver prices are also showing a jump. In this morning’s trade on MCX, the futures price of silver rose by Rs 52 to Rs 62,600 per kg. Earlier, trading in silver started at Rs 62,450, but due to increased demand and buying, soon its price rose 0.08 percent to 62,600.
Gold came down in the global market
There has been a slight fall in the price of gold in the international market today. Gold was down 0.29 per cent at $ 1,876.05 an ounce in the US market this morning. However, on the contrary, there was a slight jump in silver prices. In this morning’s trade, silver is selling at $ 22.3 per ounce with a gain of 0.6 percent.
Gold strengthens due to weakness of dollar
The US Fed Reserve increased its interest rates by 0.50 percent, due to which the dollar started weakening in the global market and the price of gold increased. Powell, the head of the Fed Reserve, has said that there is also a possibility of increasing interest by 0.75 percent. Earlier, there was a big fall in the prices of gold and silver in the Indian market. Since April 18, gold had become cheaper by about Rs 2,500 per 10 grams, while silver had slipped by Rs 8,800.
