There is an increase in gold and silver prices.
As TV9 Bharatvarsha had said a day earlier, an increase in the price of gold can be observed. That proved true Thursday. The European Central Bank could cut interest rates on Thursday. This reduction can be up to 0.25 percent. The effect of this is visible in the prices of gold and silver from New York to New Delhi. According to the data, an increase of up to Rs 500 has been observed in the price of gold in the Indian market.
At the same time, the price of silver has increased by more than Rs 1,500. Although both gold and silver are trading well below their all-time highs, both precious metals may soon set a new record. Let’s see how much increase is being seen in gold and silver prices from external markets to the local market.
Gold price rise
There is an increase in the price of gold in the multi-commodity stock market. According to the data, at 11:40 am, the gold price is trading at Rs 72,935 with an increase of Rs 417. However, in the trading session, gold also reached the level of Rs 73,045 per ten grams. When gold prices opened in the morning, the price was Rs 72,879. A day ago, gold on MCX was at Rs 72,518 per ten grams. However, the all-time high for gold is Rs 74,777, which was recorded on May 20. Gold is still trading below Rs 1,800 from its all-time high. If experts are to be believed, gold prices could soon surpass this record and surpass Rs 75,000.
Tremendous rise in the price of silver
On the other hand, the price of silver has increased enormously. At 11.40 am, the silver price is trading at Rs 91,811 with an increase of Rs 1,367 per kg on the Multi Commodity Exchange. During the trading session, silver prices also touched Rs 91,997 per kg. While silver opened at Rs 90,839 per kg on Thursday morning. A day ago, silver had closed at Rs 90,444. Silver prices had hit an all-time high of Rs 96,493 on May 29. On Thursday, silver looked cheaper by about Rs 4,700 per kg from the all-time high. If experts are to be believed, the price of silver may continue to rise in the coming days.
Gold and silver in foreign markets
Also in foreign markets, an increase in gold and silver prices is observed. According to the data, an increase of about $11 per ounce is being seen in the price of gold futures on the Comex market in New York. After which the price has reached $2,386.30 per ounce. Spot gold is trading at $2,365.98 per unit with an increase of $10.66 per unit. In the European market, gold rises 8 euros per unit to 2,174.02 euros. In Britain, gold is trading at 1,849.61 pounds, up 7.64 pounds per ounce.
On the other hand, the price of silver is also increasing. On the Comex market in New York, silver futures are trading at $30.57 annually with an increase of 1.65 percent. While the spot silver price stands at $30.47 per ounce with an increase of $1.54 per ounce. In the European market the price of silver is trading at 28 euros with an increase of 1.63 percent. In the British market, silver rose 1.51 percent to 23.82 pounds per ounce.
Why is it increasing?
According to Anuj Gupta, head of commodity currencies at HDFC Security, the European Central Bank could cut interest rates on Thursday. The effect of this is visible in the commodity market. The effect of a possible interest rate cut by the European Bank has also been felt on the dollar index. He said that along with the Federal Reserve, other countries around the world may also reduce interest rates in the coming months. After which a further rise in gold and silver prices will be seen. He said that US unemployment figures will also be released on Thursday. Its impact is also visible in the price of gold.
