Gold, Silver Rates Today:There was a bullish atmosphere in the country’s bullion market on Wednesday. In the capital Delhi, the price of gold once again crossed the level of Rs 80,000 per 10 grams. This is the highest level of gold in three weeks. The price of gold of 99.9% purity increased by Rs 620 to Rs 80,400 per 10 grams, whereas on Tuesday the price of gold had closed at Rs 79,780 per 10 grams. Talking about silver, it has seen a rise for the third consecutive day. On Wednesday, silver rose by Rs 1,450 to Rs 96,300 per kg, which is its highest level in a month.
domestic marketAndstatus of futures trade
On the Multi Commodity Exchange (MCX), gold contracts for February delivery increased by Rs 112, making it trade at Rs 78,450 per 10 grams. During the day it reached Rs 78,978 per 10 grams. Jatin Trivedi, Commodity and Currency Analyst, LKP Securities, says, “Gold price on MCX may range between Rs 77,400 to Rs 79,250, while volatility is likely to be higher before the data release.”
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Performance of gold and silver in the international market
In the international market, the price of gold rose by US $ 10.20 to US $ 2,728.60 an ounce. Geopolitical tensions and the possibility of interest rate cuts have made gold a safe investment option. Saumil Gandhi, Senior Commodity Analyst, HDFC Securities, says that “There is a possibility of cutting interest rates for the third time in the upcoming meeting of the US Federal Reserve, which can further boost gold prices.”
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Reason for increase in gold and silver prices
Gold and silver prices have risen due to increased buying by jewelers and stockists in the local market as well as strength in the international market. Talking about the international market, gold prices on COMEX are around US $ 2,700 per ounce. The main reasons behind this increase can be said to be geo-political tension, strength of dollar index and expectation of cut in interest rates. Manav Modi, commodity analyst at Motilal Oswal Financial Services Limited, says that “the increasing tension in Syria and possible rate cut by the US Federal Reserve are also major reasons behind the rise in gold prices.”
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What is the future signal for investors?
Gold prices may remain strong due to increasing uncertainties and global tensions. In the coming days, Consumer Price Index (CPI) and unemployment figures may impact the policy of the US Federal Reserve. Chintan Mehta, CEO, Abans Holding, believes that “Gold is shining as a safe investment option amid the current geopolitical and economic uncertainties.”
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The recent rise in gold and silver prices is mainly a result of increased demand, global developments and expectations of interest rate cuts. Investors should focus on the upcoming data releases and Federal Reserve meeting, as this will decide the direction of future prices.
