Business: Why the prices of gold and silver started increasing
Business Business: Today, there has been a significant change in the prices of gold and silver in the bullion market. While the price of gold increased by Rs 261 and the price of silver increased by Rs 1003. Today, ahead of the release of the minutes of the monetary policy meeting of the US Federal Reserve and the discussion of interest rate cuts by the US Federal Reserve, gold prices opened unchanged on the Comprehensive Commodity Exchange (MCX). 24 carat gold traded at Rs 71,000,369 per 10 grams in the bullion market today. At the same time, the price of silver rose by Rs 1,003 per kg to Rs 84,294. According to the rates published by IBJA, the current prices of gold on MCX are Rs 71,083 for 23 carat gold, Rs 65,374 for 22 carat gold, Rs 53,527 for 18 carat gold and Rs 41,751 for 14 carat gold. 71,530 per 10 grams, which rose to Rs 71,597 within minutes of the opening bell. With this all-time high, gold on MCX is about Rs 3,000 away from its all-time high of Rs 74,732 per 10 grams today. At around 11:50 am, gold prices in the international markets were trading 0.22 per cent lower at Rs 71,426 per 10 grams. The current price of gold in the world market is around $2,500 an ounce. There is an 82 per cent chance that Federal Reserve Chairman Jerome Powell will announce a rate cut during his speech at the Jackson Hole Symposium on Friday.
Experts have advised gold investors to maintain a price-based buying strategy until the spot price of gold crosses $2,480 and the price of gold on MCX crosses Rs 71,000 per 10 grams.
According to Livemint, when asked about the gold scenario, Jatin Trivedi, commodity and currency analyst at LKP Securities, said, “This week’s statement from the central bank will help boost gold prices. However, this trend is likely to continue in the future as well.” In the 2500-2515 zone, the general gold trend is supported at $2480-2470.
Kainaat Chenwala, AVP Head Commodity Research at Kotak Securities, said: Gold prices on Comex started the week with marginal gains, hitting a record high of $2,549.90 and closed at $2,541.00 on buying, especially due to geopolitical concerns in the East in the near future and the possibility of a ceasefire between Israel and Hamas may keep investors nervous.
