look news india
Although the Federal Reserve cut interest rates by 50 basis points on Wednesday, it did not have any significant impact on the bullion market.
Gold prices reached record highs in the international market and after the bullish headlines, the price hike was limited. As a result, gold and silver prices also rose at a slow pace in the domestic market.
On Thursday, the price of 24 carat gold in Ahmedabad rose by Rs. 300 to Rs. 75,900 per 10 grams. Similarly, the price of 22 carat gold is Rs. 20. 75,700 per 10 grams. Local silver rose by Rs. 500 and the price per kg increased by Rs. 500 to Rs. 87,500. In the global market, gold rose from $ 2577 to $ 2590 per ounce. Silver prices rose from $ 30.61 to $ 31.20 per ounce. Analysts say that in the last few days, there has been a lot of volatility in the bullion market over the federal policy. Now that interest rates have come down, the pace of bullish traders has slowed down a bit. Investors and traders will now be eyeing the latest US economic data. Gold was trading at $ 2,604.30 per ounce with a gain of $ 5.70 on Comex late Thursday night. Besides, Comex silver was up 64.30 cents at $31.33 per ounce.