look news india
There is a boom in the commodity market during the festive season before Diwali. Record breaking gains have been seen in both gold and silver. Silver has crossed one lakh for the first time. Gold has also crossed Rs 81 thousand for the first time. Retail prices of gold and silver have increased. Vachda prices also witnessed a good rise yesterday. However, today, Wednesday 23 October, has started with a fall in gold and silver on MCS.
On MCX, around 10 am, gold was trading down by Rs 13 at Rs 78,643 per 10 grams. Yesterday it closed at Rs 78,656. Whereas silver fell by Rs 512 and was at the level of Rs 99,460. Yesterday it closed at Rs 99,972.
On Tuesday, silver crossed Rs 1 lakh for the first time, while MCS also saw a strong rise of Rs 2600. The trend of lifetime high continues in gold also. Yesterday, gold reached a new record near Rs 78,700 in the domestic market and above Rs 2760 in the international market.
Gold and silver crossed the highest level yesterday
On Tuesday, gold rose by Rs 350 to a new record high of Rs 81,000 per 10 grams in the bullion market of the national capital Delhi. At this time, the price of silver had crossed Rs 1 lakh per kg with a jump of Rs 1500. Silver prices rose for the fifth consecutive day and rose by Rs 1,500 to Rs 1,500. 1.01 lakh per kg had reached a new record level. On Friday, the price of silver closed at Rs 99,500 per kg. Apart from this, gold of 99.5 percent purity increased by Rs 350 to reach a new record high of Rs 80,600 per 10 grams.
Why did the prices of gold and silver increase?
According to data, the main reason for the continuous increase in silver is industrial demand. Additionally, the jewelery and silverware segment has also seen growth as purchases from local jewelers have increased during festivals and weddings.
What is the difference between 22 and 24 carat gold?
24 carat gold is 99.9 percent pure and 22 carat gold is approximately 91 percent pure. Jewelery is made by mixing 22 carat gold with 9 percent other metals like copper, silver and zinc. Whereas 24 carat gold is shiny. But jewelery cannot be made from it. Therefore most traders are selling 22 carat gold.
