look news india
Gold and Silver Price: This week, there has been a lot of volatility in the precious metal. In Ahmedabad, silver has registered a bigger rise than gold. Silver has also seen a rise in the MCX market and the global market.
In Ahmedabad, in the last one week, silver has increased by Rs. 2500 from yesterday's price to Rs. 93500 per kg. Silver futures on MCX have also increased by Rs. 3686. While this week the price of gold has increased by Rs. 400 and is reported to be Rs. 74700 per 10 grams.
Trends in Precious Metals
Despite a favorable US PCE report and a drop in consumer spending, gold rose marginally on hopes of a rally next week. The data showed that the personal consumption expenditure (PCE) price index rose 0.3% in April, while in the 12 months to March, PCE inflation rose 2.7% as expected. In such a situation, the possibility of the Fed reducing interest rates has increased. As a result, gold and silver may see a rise.
In precious metals futures trading, 11,76,070 deals worth Rs 98,011.28 crore were done in gold and silver on MCX. Among gold futures, gold June futures on MCX opened the week at Rs 71,468 per 10 gram, touched an intra-day high of Rs 72,438 and a low of Rs 71,211 during the week, ended the week with a jump of Rs 319 to Rs 71,896. Against this, Gold-Guinea May contract 8 per gram rose by Rs 310 to Rs 58,526 and Gold-Petal May contract 1 per gram rose by Rs 68 to Rs 7,134. Gold-Mini June futures rose by Rs 220 to Rs 71,852 per 10 gram.
In silver futures, silver July opened at Rs 90,562 per kg at the beginning of the week, touching an intra-day high of Rs 96,493 and a low of Rs 90,366 during the week, closed with a jump of Rs 3,686 at Rs 94,123. At the end of the week. Silver-Mini June contract rose by Rs 3,604 to close at Rs 94,045 and Silver-Micro June contract rose by Rs 3,619 to close at Rs 94,038.
