look news india
After being stuck between bullish and bearish, the bullion market has started recovering once again. Silver prices rose to an all-time high of Rs. 94,000 on Wednesday due to growing concerns about the US economy on one hand and increased industrial demand for silver on the other. According to market experts, investors are keeping an eye on what decision the Federal Reserve takes on cutting interest rates. Given the current situation, gold and silver may continue to improve in the coming days.
In Ahmedabad, 24 carat gold was hiked by Rs. 200 to Rs. 74,750 per 10 grams. Similarly, 22 carat gold rose by Rs. 200 to Rs. 74,550 per 10 grams. Silver per kg rose by Rs. 1,000 to a record high of Rs. 94,000. Looking at the global markets, gold was at $ 2346 per ounce and silver at $ 32 per ounce. However, some profit booking was seen in gold and silver globally late on Wednesday evening.
According to experts, central banks are buying gold and it is likely that there will be a shortage of gold in the coming days due to festivals and weddings. Apart from this, geopolitical tensions are still not completely over, considering this, gold is expected to reach Rs. 81,000 in the domestic market. At the same time, the price of silver may continue to rise in the coming days as industrial demand may increase by 9% globally.
