look news india
Global gold hit a new record high for the second consecutive day after the Federal Reserve cut interest rates, pushing international gold above $2,600 an ounce for the first time.
Along with this, the fear of weakness in the economy of two big countries like America and China is also supporting the rise in bullion. Under the influence of global factors, the upward trend in gold continues at the local level as well, the price opened at Rs 1500 per share. It crossed 76 thousand.
In Ahmedabad, the price of 24 carat gold per 10 grams was increased by Rs. 500 to Rs. 76,400. Similarly, the price of 22 carat gold was increased to Rs. 76,200 per 10 grams. Domestic silver per kg was increased by Rs. 500 to Rs. 88,000. On May 20 this year, the price of gold at the local level reached its highest level of Rs. 77,000 per 10 grams. In the global market, gold rose by $ 22 to $ 2,612 per ounce as compared to $ 2,590. Silver prices rose to $ 31.20 per ounce.
Looking at futures, MCX gold October futures rose by Rs. 539 to Rs. 73,438 per 10 gram and December futures rose by Rs. 601 to Rs. 74,147 per 10 gram. MCX silver December futures rose by Rs. 587 to Rs. 89,968 per kg. Gold was trading up by $26.70 at $2,641.30 an ounce on Comex late Friday night. Silver was seen trading up by 26.70 cents at $31.69 an ounce on Comex.
Bullion experts said that safe-haven investment in bullion is increasing after the Fed cut interest rates by 0.50% as well as weakness in the dollar index. However, given the way prices have risen this week, a bearish trend can be seen in precious metals. On the other hand, the condition of two big economies like China and America is weakening. Along with this, with the increase in investment flow in gold ETF, bullion is expected to remain strong in the long term.