After a strong rise in the global market, the prices of gold and silver also rose on the Multicommodity Exchange on Tuesday.
Gold rose today after falling in the last six trading sessions. However, according to the experts, even now money in gold can be earned consistently strong returns.
Due to the rise in the global market, there was a jump in the prices of gold and silver in the Indian market on Tuesday. Gold has climbed today after falling in the last six trading sessions. Earlier, in the global market also, the price of gold had gone down to a month low.
On the Multicommodity Exchange (MCX), the futures price of 24-carat purity gold rose by 0.18 per cent to Rs 51,485 per 10 grams this morning. Similarly, silver futures also rose 0.47 per cent to Rs 65,421 per kg. Earlier, the yellow metal prices were showing a continuous decline for the last six trading sessions.
Actually, the dollar has reached the top of two years in the global market, due to which the investment in gold started decreasing. Apart from this, the effect of the US Fed Reserve indicating to increase interest rates in the future also showed on gold prices.
Russia-Ukraine crisis raises prices again
There is no sign of an end to the two-month-long war between Russia and Ukraine. Due to the increasing crisis, the pressure on gold prices has started increasing once again. In the global market, the spot price of gold rose 0.3 percent to $ 1,902.46 an ounce in morning trade. Not only this, the futures price was also around $ 1,902.60 per ounce.
Along with gold, silver prices are also showing a jump. In the global market, the spot price of silver rose about 1 percent to $ 23.85 an ounce in the morning. Similarly, platinum rose 0.6 percent and sold for $ 926 an ounce,
while palladium became costlier by 2.1 percent to $2,189.18. Experts believe that in the coming time in the global market, the price of gold can go up to $ 1885-1872 per ounce. Similarly, the price of silver can also remain at $ 23.42-23.20 an ounce.
Apart from this, the price of gold on MCX in the domestic market is Rs 51,220-51,000 per 10 grams, while the price of silver is estimated to be Rs 64,800 to Rs 64,440 per kg.
Gold Rate Broken By IMF Prediction
The International Monetary Fund (IMF) has forecast a slowdown in the growth rate of the global economy. The IMF said that in the current financial year, the global economy will grow at the rate of 3.6 percent instead of 3.8 percent.
After this, the prices of Brent crude saw a fall of 5 per cent and the demand for the yellow metal also increased. The IMF also forecast an increase in inflation, which led to a fall in the price of precious metals, as its demand became sluggish.
