look news india
The bullion market continues to rise due to geopolitical tensions, interest rate cuts by the Federal Reserve and low prospects of improvement in the Chinese economy.
Global gold touches new highs every day and domestic gold also touches new record highs every day. The price of gold in the futures market is continuously increasing behind the spot market. Along with this, due to continuous price increase, the price of silver has also reached its highest level in 12 years.
In Ahmedabad on Thursday, gold was at 24 carat per 10 grams. It was increased to Rs 300. Reached a new high of 78,100. Similarly, 22 carat gold is priced at Rs. 77,900 was done. Local silver Rs. 1,000 to Rs. 90,500 per kg. Globally, gold hit an all-time high of $2,685 an ounce and silver rose to $32.40 an ounce against $31.89. In the futures markets, the October futures of Szhrat gold were at Rs. 227 to 75,313 per 10 grams and December futures at Rs. It became Rs 369. 75,940 per 10 grams. Late Thursday night, Comex gold was trading up $20 at $2,708 an ounce. Similarly, Comex silver rose by 50.70 cents to $32.52 an ounce.
Commodity analysts said gold was trading at record highs, which supports expectations that the Fed will cut rates by 0.50% in November. On the other hand, a weak dollar and tensions in the Middle East and concerns about China's recovery have increased the appeal of gold as a safe haven investment. Given the current conditions, improvement is expected in the short term but the bullish momentum will continue for the long term.