look news india
Behind the global markets, gold and silver also rose domestically at the beginning of the new week. The European Central Bank cut interest rates last week amid tensions in West Asia. Then there is a possibility that the US Federal Reserve will also cut interest rates in November, which will increase investors' interest in bullion as a safe investment.
In Ahmedabad on Monday, 24 carat gold per 10 grams was priced at Rs. It was increased to Rs 400. Reached a new high of 80,700. Similarly, 22 carat gold is priced at Rs. 80,500 per 10 grams. Local silver Rs. Rs 1,500 to Rs. 97,000 per kg, reaching an all-time high. In the global market, gold rose to $ 2,728 per ounce. Silver rose to $33.98 an ounce from $33.73.
In the futures markets, MCX silver December futures were at Rs. 3045 to Rs. 95,402 per kilogram. Gold December contract on MCX is priced at Rs. 651 to Rs. ₹77,749 per 10 grams. Late Monday night, Comex gold was trading at a new high of $ 2753.30 an ounce, up $ 23.30. On Comex, silver was trading at $ 34.33 an ounce with an increase of $ 1.10. Bullion analysts said the European Central Bank cut the deposit rate to 3.25% for the third time this year, a sign that the disinflation process is well underway. Rising geopolitical tensions in the Middle East, especially following the death of prominent Hamas leader Yahya Sinwar, have increased demand for gold. Additionally, loose monetary measures amid China's asset crisis and uncertainty over the US presidential election are further supporting the bullion rally. On the other hand, the rise in silver is not only due to its appeal as an affordable precious metal but also due to the growing demand from the electric vehicle (EV) sector and photovoltaic applications, which is expected to keep the global demand for silver intact. Medium to long term.
Diwali is round the corner in India and demand for jewelery is likely to decline due to rising prices of precious metals. Bullion analysts believe that considering the way gold prices have increased, there is a possibility of improvement in the coming days. Even if there is profit booking at the top, the price of gold will be Rs 500 by Diwali. 80,000 will be maintained.
- Silver futures worth Rs. price 1 lakh
- On Monday, the futures price of silver on domestic MCX increased to Rs. 1 lakh level and above Rs. 1,00,924 per kg after Rs. 3,080 to Rs. ₹97,660 per kg. Even in the current market, with GST, silver in some parts of the country is priced at Rs. It was found that there was a sale of Rs 1 lakh. The bullish momentum in silver looks strong, the bullish environment in the silver market is mainly due to industrial demand and the rise in gold. Investors who have provided good support to the white metal in the coming sessions may continue to view the decline as a buying opportunity.