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Before Dhanteras and Diwali, the commodity market has once again witnessed a boom. There has been a strong rise in the prices of gold and silver in the last few trading sessions. After several weeks in the bullion market, gold has once again reached a record high. With a strong rise on Monday, gold touched the level of 78,240. There is also a rise in silver. Silver has also touched the highest level of 98,224 in the trading session.
The rate of March contract has crossed Rs 1 lakh for the first time. During the trading session it reached Rs 100564 per kg. The rate of May contract has also increased by Rs 2775 to Rs 101996 per kg.
A strong rise in the prices of gold and silver is being seen in the bullion market of the country. A record rise in the prices of both is being seen in the local futures market. Diwali and wedding season are witnessing a boom due to strong demand. The price of silver on Multi Commodity Exchange i.e. MCX crossed the record level of Rs 1 lakh. Gold prices are also trading at an all-time high
Why are gold and silver prices increasing?
There is a huge jump in the prices of gold and silver. The reason for this is increasing geopolitical tension. Because the tension in the Middle East does not seem to be decreasing. Apart from this, global risks are also increasing the enthusiasm in prices.
There is also a presidential election in America next month. Action is being seen in China also. Due to increasing industrial demand, the price of silver can reach $ 40 an ounce.
Gold and silver in foreign markets
The price of silver is also increasing in foreign markets. On Comex, silver jumped by almost three and a quarter percent and crossed $ 34.30 an ounce. Gold is also trading about half a percent stronger at $2746 per ounce. Both prices are currently trading at all-time highs.
What is the difference between 22 and 24 carat gold?
24 carat gold is 99.9 percent pure and 22 carat gold is approximately 91 percent pure. Jewelery is made by mixing 22 carat gold with 9 percent other metals like copper, silver and zinc. Whereas 24 carat gold is shiny. But jewelery cannot be made from it. Therefore most traders are selling 22 carat gold.
Know the price by missed call
To know the retail rate of 22 carat and 18 carat gold jewellery, you can give a missed call on mobile number-8955664433. The new prices will be available via SMS within a few minutes. Apart from this, you can visit www.ibja.co or ibjarates.com for continuous updates.