look news india
Due to global sentiment, local gold prices reached record high for the third consecutive day. The possibility of the Federal Reserve cutting interest rates in November has increased after America's weak economic condition and jobs data. On the other hand, investors' interest in safe investment in gold has increased on the back of bond yields and nabbling in the equity market. The rise is also being supported due to tensions in West Asia, global gold has also reached new highs.
In Ahmedabad on Friday, gold was at 24 carat per 10 grams. Rs 500 were increased. Has reached a new high of 79,800. Similarly, 22 carat gold is priced at Rs. 79,600 per 10 grams. Local silver Rs. Rs 500 were increased. 92,500 per kg. In the international market, gold rose by $ 22 to reach an all-time high of $ 2,710 an ounce against $ 2,688. Global silver rose 30 cents to $32.13 an ounce from $31.83.
Late Friday night, Comex gold was trading at a new high of $2,722, up $14.50. Gold reached an all-time high of $2732.30 on Comex. Silver was up 68.60 cents at $32.46 on Comex. In futures, MCX gold December futures at Rs. 443 to Rs. ₹77,107 per 10 grams. Apart from this, MCX Silver December contract Rs. It increased from Rs 1,796 to Rs 91,744 per kg.
Commodity experts said expectations of further interest rate cuts by the US Federal Reserve and uncertainty over the US presidential election have boosted demand for the precious metal. Additionally, the European Central Bank (ECB) cut its key rates by 25 basis points, indicating progress in the disinflation process. Investors' interest in bullion has increased as they seek to hedge risks in China's capital markets.
In India, physical gold dealers charged a premium for the first time in two months due to festive demand, with premiums reaching $3 an ounce compared to last week's discount of $21. At the same time, due to the sharp rise in gold and silver prices at the local level, the demand for jewelery is expected to remain low during festivals. The price of gold in the current week is Rs. 1,300 and silver prices stood at Rs. There has been an increase of 1,000.
Gold has already given returns of over 22% in the year 2024, and on a Diwali-to-Diwali basis, the returns have reached almost 30%. As long as expectations of interest rate cuts and geopolitical tensions continue, the bullish outlook for gold will remain intact.