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On Thursday, the price of gold and silver rose for the third consecutive day. People may now find it expensive to buy gold as the festive and wedding season will start soon. Earlier on Wednesday and Tuesday too, there was a slight increase in the prices of gold and silver.
Recovery continues in the bullion market. The prices of gold and silver are gradually increasing. Today, both gold and silver are seeing a good rise. Today gold has become more expensive by more than Rs 200 and silver by more than Rs 600. Both metals are trading with gains in the Indian futures market.
Gold on MCX today rose by Rs. 204 (0.28%) and was trading at Rs. 72,872 per 10 grams. Yesterday it closed at Rs. 72,668. On the other hand, silver rose by Rs. 200. 629 (0.68%) and is trading at Rs. 93,461 per kg. Silver closed at Rs. 92,832 yesterday.
Because of this the prices of gold are increasing
Gold rose on the possibility of interest rate cuts in the international market. Federal Reserve Bank Chairman Jerome Powell said that he would not wait for inflation to reach 2 percent before cutting policy rates, after which expectations of a rate cut in September increased. It is also estimated that there may be another rate cut in December as well.
Gold and silver prices also increased in the bullion market
Gold prices rose by Rs 200 to Rs 75,050 per 10 grams in the national capital's bullion market on Wednesday amid fresh buying by jewelers. With an increase of Rs 400. In the last trading session, the price of gold was Rs 74,650 per 10 grams. However, the price of silver is Rs 20 per kg. remained stable at 94,400. Market sources said that gold prices have increased due to increased domestic demand.
Buying was boosted by expectations of weak inflation data in the US released on Thursday evening, which could lead to a rate cut by the US Federal Reserve at its September meeting. US gold rose 0.6% to $2,378.25 an ounce yesterday on speculation. US gold futures were up 0.7% at $2,384.80 an ounce.
