Gold prices have increased for the second consecutive day in the capital of the country, Delhi. What is special is that in these two days, the price of gold has seen an increase of Rs 1,100. A day ago, an increase of Rs 600 was observed in the price of gold. While an increase of Rs 1,700 has been observed in the price of silver. According to the report, inflation data has reached the United States. The inflation rate in the United States reached its lowest level in February 2021, i.e. after almost 50 months. However, US inflation has declined for the fifth consecutive month.
In August the inflation figure came down to 2.5 percent. While the estimate was 2.6 percent. While in the month of July the inflation figure was 2.9 percent. Now it will be very easy for the Federal Reserve to cut the interest rates. According to experts, now it will be easy for the Federal Reserve to cut the interest rates by more than 0.25 percent. In such a situation, further increases in gold prices may be seen in the coming days. Let us also tell you that before the Federal Reserve cut the interest rates, an increase was seen in the gold prices in Delhi.
read this too
Gold price rises in Delhi
In the country’s capital Delhi, gold prices rose by Rs 500 to Rs 74,600 per 10 grams on Wednesday. Gold prices were boosted by increased buying by local jewellers and strong cues from global markets. Meanwhile, gold with 99.5 per cent purity also rose by Rs 500 to Rs 74,250 per 10 grams from Rs 73,750 per 10 grams. According to the All India Bullion Association, silver price also rose by Rs 500 to Rs 85,000 per kg on Wednesday. In the last session, silver closed at Rs 84,500 per kg.
How much has happened in two days?
Taking into account the rise on Tuesday and Wednesday, an increase of Rs 1,100 has been observed in the price of gold in two days. On Tuesday, an increase of Rs 600 was observed in the price of gold. On the other hand, an increase of Rs 1,700 has been observed in the price of silver. On Tuesday, an increase of Rs 700 was observed in the price of silver. Traders said that increased purchases by local jewellers and retailers strengthened market sentiment, leading to an increase in gold prices.
What is the price in foreign markets?
On the other hand, the price of gold futures on foreign markets on Wednesday evening was quoted at $2,534 per ounce, down more than $9 per ounce. The spot price of gold was quoted at $2,505.53 per ounce, down by $11 per ounce. Silver futures prices were quoted at $28.82 per ounce, up 0.72 percent. On the other hand, the spot silver price was quoted at $28.50 per ounce, up 0.36 percent.
What the experts say
Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, said gold prices rose on Wednesday due to the fall in the US dollar. Moreover, selling in the stock market and risk aversion boosted inflows into safe assets like gold. which also supported gold prices. If experts are to be believed, there will be further changes in gold prices after the Federal Reserve rate hike. If the Federal Reserve increases the interest rate by more than 0.25 per cent, then an increase in gold prices can be seen.
