look news india
Gold and Silver rates today: The precious metal market has seen a bullish trend today after a fall yesterday. However, silver has seen a rise against gold. This morning, gold was trading at Rs. 72000 per 10 grams and silver at Rs. 72000. Silver (5 July) futures ended at Rs. 1322 and reached Rs. 90797 and gold (5 August) futures at Rs. 422 rose to Rs. 72120 per 10 grams.
There is no special movement in the gold and silver market in Ahmedabad due to lack of demand for the last several days. According to global markets, gold is cheaper by Rs 200 today. It has increased by Rs 400. Silver is Rs 74600 per 10 grams. Increased by Rs 750. Bid was placed at Rs 91250 per kg.
RBI will increase gold reserves!
RBI has been continuously increasing its gold reserves since the beginning of the year. There has been an increase of about 1 percent so far in 2024. According to experts, the decision to increase foreign exchange reserves has been taken amid the uncertainties of geopolitical crisis at the global level. As of June 7, the gold reserves were $ 56.982 billion. Which is 8.69 percent of the total reserves, while on December 29, 2023 it was $ 48.328 billion.
Weak retail sales data and low inflation in the US have increased the possibility of interest rate cuts in September. As a result, buying sentiment has been seen among investors globally, said research analyst Jatin Trivedi, vice president, commodity and currency, LKP Securities. However, profit booking may be seen as gold prices rise due to the geopolitical crisis.
global gold and silver price
Gold and silver prices have risen globally. Spot gold rose by $5.40 to reach $2352.30 an ounce and silver was trading at $30.32 an ounce. Weak economic data in the US has increased the possibility of interest rate cuts by the Fed Reserve. Global market experts have expressed hope that gold will cross the $2500 an ounce mark by the end of this year.