Gold prices continued to rise on MCX on Wednesday amid an uptrend in international markets ahead of the US Federal Reserve’s interest rate decision. On the other hand, a fall in gold prices has been witnessed in the retail market in Delhi. If experts are to be believed, the Federal Reserve may cut interest rates by 0.25 percent and may indicate interest rate cuts for the next few months. This is the reason why gold prices may rise in the futures market. Let us also tell you what the gold and silver prices have become on MCX and in the retail markets in Delhi.
Gold rises on MCX
In the Multi Commodity Exchange (MCX) futures trading, the price of gold contract for October delivery was quoted at Rs 73,264 per 10 grams, up by Rs 170 or 0.23 per cent. In the last trading session on Tuesday, it closed at Rs 73,094 per 10 grams on the exchange. However, the price of silver contract for December delivery fell by Rs 116 or 0.13 per cent to Rs 89,024 per kg on Wednesday. In the last session on Tuesday, silver closed at Rs 89,140 per kg.
Gold became cheaper in Delhi
According to HDFC Securities, spot gold (24 carat) prices in Delhi markets are trading at Rs 74,850 per 10 grams, down by Rs 50 from the previous day. Meanwhile, silver prices fell by Rs 800 to Rs 91,300 per kg, while the previous day it had closed at Rs 92,100 per kg. If experts are to be believed, we may see a rise in gold and silver prices in the coming days.
read this too
Gold silver in foreign markets
Globally, Comex spot gold is currently trading at a fixed price of $2,569.75 per ounce. At the same time, the price of gold futures is trading at $2,595.90 per ounce, up by $3.50 per ounce. Gold is trading 0.42 percent higher at $2,603.20 per ounce. Talking about silver, Comex silver futures are trading at $30.77 per unit, down by 0.69 percent.
On the other hand, the spot price of silver is trading at $30.47 per unit with a decline of 0.75 per cent. Harish V, Head – Commodities, Geojit Financial Services, said that gold prices in the international market are close to their all-time high due to optimism in demand amid rising geopolitical tensions, weak global growth prospects and expectations of an interest rate cut by the US Federal Reserve. .are coming.
