Gold Rate Today: The rising trend in gold prices continues in India. On Thursday, an increase of Rs 300 was seen in gold, due to which it reached the level of Rs 80,300 per 10 grams. The rise in the price of gold has been seen for the third consecutive day. News and global signals related to China’s economy are being considered the main reason for this rise.
Impact of China’s data
The People’s Bank of China (PBoC) has increased its gold reserves for the second consecutive month. This move boosted gold prices in the global market. Saumil Gandhi, senior analyst at HDFC Securities, said, “Inflation related to consumer prices in China has fallen to zero for the fourth consecutive month, which has increased concerns about the economic growth rate. This data challenges the measures of the Chinese government. Which were taken to deal with deflation and increase demand.”
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condition of Indian market
According to All India Bullion Association, the price of gold of 99.9 percent purity increased by Rs 300 to Rs 80,300 per 10 grams. At the same time, the price of gold of 99.5 percent purity also increased to Rs 79,900 per 10 grams. A rise was also seen in the price of silver, which increased by Rs 500 to Rs 93,000 per kg.
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Gold and silver prices in future trade
On MCX, the price of gold contract for February delivery rose by Rs 247, or 0.32%, to Rs 77,994 per 10 grams. At the same time, the price of silver for March delivery increased by Rs 593 or 0.65% to Rs 91,531 per kg.
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global market gold movement in
In the global market, Comex Gold Futures is trading at $ 2,682.40 an ounce, up by $ 10 or 0.37%. Kainat Chainwala, AVP-Commodity Research, Kotak Securities, said, “Comex gold remains strong with a two-day gain as investors await the US jobs report on Friday. This report will determine the Federal Reserve’s monetary policy.” But there is hope for more clarity.”
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Increasing demand for gold as a safe investment
Instability in the global equity market and increasing geo-political tension have increased investors’ inclination towards safer investment options. Renisha Chainani, head of research at Augmont, said, “Investors are turning to gold and other precious metals for stability due to increasing market volatility and increased geo-political tensions. The upcoming meeting of the US Federal Reserve and China Signals related to the economic condition of India can further influence the price of gold.
