Gold and silver prices roseImage credit source: Pixabay
Gold and silver prices closed on Thursday with an upward trend. An increase in their rates was expected on the bullion market since yesterday, as the US Federal Reserve cut its interest rates by 0.50 percent on Wednesday evening. This was the first time in the past four years that the Federal Reserve cut interest rates. However, its impact on gold and silver prices was very moderate.
The price of gold in the Delhi bullion market rose by Rs 100 on Thursday to Rs 75,650 per 10 grams. While on Wednesday, the price of 24-carat gold was Rs 75,550 per 10 grams.
Effect of increased demand for jewelers.
One of the main reasons for the rise in gold prices is the increase in demand from local jewellers. Currently, 15 days of Shraddha Paksha are going on in the country. After this, the festival of Navratri will begin across the country and with this, wedding shopping will also begin in the market. For this reason, jewellers are now busy preparing their stocks. Thus, the demand for gold on their part is increasing.
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At the same time, this increase has come about due to strong global signals following the US Federal Reserve’s interest rate cut. The price of gold used in jewellery, i.e. gold with a purity of 99.5 per cent, has increased by Rs 100 to Rs 75,300 per 10 grams.
Silver prices also rose by Rs 500.
According to the All India Bullion Association, silver prices saw a rise for the sixth consecutive session on Thursday. Silver prices rose by Rs 500 to Rs 91,000 per kg. In the last session, it had closed at Rs 90,500 per kg. In the last six trading sessions, silver prices have risen by Rs 7,200 per kg.
The price of gold and silver has increased not only in the local market but also in the futures market. On MCX, the price of gold for October delivery rose by Rs 498 or 0.68 per cent to Rs 73,553 per 10 grams. While the price of silver for December delivery rose by Rs 2,105 or 2.38 per cent to Rs 90,404 per kg.
On international markets, the price of gold on Comex rose by 0.45 percent to $2,610.20 an ounce, the highest level so far. On Asian markets, silver also rose by 2.58 percent to $31.48 an ounce.
