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Gold and silver are reaching record breaking levels in the country. Gold is all set to reach the level of around Rs 80 thousand (equivalent to Rs 80 thousand as per GST), while silver is also set to break the level of one lakh (almost equivalent if we calculate with GST). Today the festival of Ahoi Ashtami is being celebrated across the country. Many people consider it auspicious to buy silver on the day of Ahoi. Apart from this, the festive season is also going on. Diwali is near. So let us know specifically what are the prices of gold and silver this morning.
of gold
Investors worried about continuously rising prices and consumers looking for retail purchases have got some relief. According to the rates of ibjarate.com, the official website of India Bullion and Jewelers Association, a decline was seen in the closing price of 10 grams of 999 purity gold on Wednesday. Which decreased by Rs 11 and closed at Rs 78692. Yesterday it opened with a huge jump at 78703. Talking about silver, a fall of Rs 289 was also seen in silver. Silver fell and closed at 98862. Which opened with a gain of 99151 in the morning.
Even after seeing a general decline in closing rates, people are getting signs of relief. Maybe the price will fall. The thing to note here is that when the latest rates will be announced by the association around 12 noon, it will be known whether the price of gold will rise or fall. But now seeing the decrease in closing rates, it seems that some relief has been given due to festivals.
during festive season in the futures market A record rise has been seen in the prices of gold and silver. Retail prices have reached historic highs. However, gold and silver prices have fallen below record highs in the futures market today. In the international market, gold fell by almost $ 40 to hit a record at $ 2,772 intraday on Comex. A decline was also seen in the domestic market. Silver also broke.
However, today's trading started in the green. On MCX, gold rose by Rs 181 to Rs 77,993 per 10 grams. Which closed at 77,812 yesterday. Whereas silver increased by Rs 577 to Rs 97,537 per kg which had closed at Rs 96,960 yesterday.
Why is gold continuously increasing?
Experts say that many factors are responsible for the increase in demand for gold. The first is that tension in the Middle East had increased after Hamas' attack on Israel in October last year. Since then, the situation in the Middle East has remained worrying. Whenever there is uncertainty the demand for gold increases. Because gold is considered a safe investment. Second, there is a presidential election in America. Voting will take place on 5 November. A close contest is being seen between Democratic candidate Kamala Harris and Republican candidate Donald Trump. Third, America may see a cut in interest rates next month. There is a possibility of its impact on gold also.