look news india
Gold price today: There are reports of a fall in gold prices in most cities of the country, while gold prices are continuously rising in Ahmedabad. Gold rose again today due to pent-up demand and increased bulk purchases ahead of the festive season.
Today, the price of gold in Ahmedabad has increased by Rs. 700 to Rs. 76200 per 10 grams. While the price of silver has been reduced by Rs. 500 to Rs. 92500 per 1 kg. At the same time, the price of gold was slightly lower based on the prices of various cities released this morning. Silver also became cheaper by Rs. 300.
Gold and silver also rose on MCX
Gold and silver rise on MCX. MCX gold for August 5 rose by Rs. 309 while silver rose by Rs. 73780 per 10 grams to Rs. 519. 93091 per kg. Gold and silver prices rose globally. Precious metals rose on strong expectations of a rate cut by the US Fed Reserve. Crude oil prices fell today due to weak GDP growth reports from the world's top oil importer China. Global crude benchmark Brent crude was trading at $81.69 per barrel. Which has decreased by 0.27 percent. Brent crude was trading 1.24 percent lower at $83.80 per barrel.
According to a Citibank report, with weak US labor market data, low inflation and June CPI being stronger than expected, the Fed Reserve will announce a soft stance in July. Due to which a bullish trend can be seen in gold and silver. Gold is likely to cross $ 3000 an ounce by the end of the year. The bank has set a target of keeping gold at 2,800-$ 3,000 an ounce and silver at 38-$ 40 an ounce by mid-2025.
