look news india
Global bullion continued to rise amid rising geopolitical tensions and the possibility of further interest rate cuts by the Federal Reserve. As a result, gold in the domestic market reached its highest level for the second consecutive day. On the other hand, silver prices remained generally stable amid bilateral trends. Silver futures were bearish at the start and closed with a decline by the end of the day.
In Ahmedabad, 24 carat gold was hiked by 300 rupees to Rs. 77,300 per 10 grams and touched a new high. Similarly, 22 carat gold was priced at Rs. 77,100 per 10 grams. Local silver was fixed at Rs. 88,000 per kilogram. Looking at the global markets, gold rose to $ 2636 per ounce against $ 2624. Also, silver rose from $ 30.70 to $ 30.98 per ounce.
In the futures market, October gold futures on MCX rose by Rs. 211 to Rs. 74,295 per 10 grams. Also, December futures are promised by Rs. 165 to Rs. 74,946 per 10 grams. Silver December futures on MCX revised by Rs. 453 to Rs. 89,231 per kg. Gold was trading flat at $2652.30 an ounce on Comex late Tuesday night. Silver was up 8.5 cents at $31.71 an ounce on Comex. Bullion experts say geopolitical tensions are rising in Asia. The situation between Israel and Hezbollah is getting worse day by day. On the other hand, after the Federal Reserve cut interest rates by a massive 0.50% last week, the market remains bullish with indications that another big rate cut could come by the end of this year. However, profit booking is also likely in the coming days as gold has reached its all-time high.