gold and silver prices
On Wednesday, due to strong spot demand, gold prices rose by Rs 277 to Rs 72,190 per 10 grams in futures trade as speculators made fresh deals. On the Multi Commodity Exchange, the gold contract for October delivery rose by Rs 277, or 0.39 per cent, to Rs 72,190 per 10 grams. It was traded for 14,930 lots. Analysts said gold prices rose due to fresh deals made by speculators. Globally, gold futures in New York rose 0.43 per cent to $2,554 an ounce.
This is the situation of the foreign market
As for the foreign markets, both gold and silver prices appear stable. Currently, gold futures are stable on the Comex market at $2,534.90 per ounce. On the other hand, the spot silver price is quoted at $2,506.40. On the other hand, silver futures prices are showing a slight increase of 0.45 percent and prices have dropped to $28.78 per ounce. Spot silver prices are quoted at $28.46 per ounce with an increase of 0.38 percent.
This is why the increase is visible.
If media reports are to be believed, the US inflation figures for August may be lower than those for July. Due to which the Federal Reserve may cut interest rates by more than expected, i.e. by 0.50 percent. Due to which a fall is being seen in the dollar index and its effect is being seen on gold prices from Delhi to New York. On the Comex market in New York, the spot gold price is flat after the rise. On the other hand, a slight increase is being observed in spot silver prices. Due to which an increase in gold and silver prices is being observed on the bullion market in Delhi.
