Gold and silver prices increasedImage credit source: Pixabay
The tension in the Middle East has not only sent crude oil prices soaring, it has also sent gold prices soaring. The price of gold in the international market has approached $2,700 per ounce. On the other hand, the price of gold has reached a new record in the Indian futures market. If experts are to be believed, an even greater rise in gold and silver prices is possible in the coming days.
In fact, a day earlier, that is, on Tuesday, Iran had launched more than 400 ballistic missiles in retaliation against Israel. After which the geopolitical tension in the Middle East reached its peak. Due to which the global market sentiment seemed to be deteriorating. So investors began to look for safe havens. Let us also tell you that gold prices have been seen from New York to New Delhi.
Gold prices rise in New York
Although there was a slight drop in gold prices on the New York Comex market on Wednesday, there was an increase of more than $30 per ounce on Wednesday. The future price of gold had reached $2,694 per ounce. Currently the price is $2,681.40 per ounce. On the other hand, spot gold prices also rose to over $2,680 an ounce. The current price is $2,658.92 per ounce. If experts are to be believed, the price of gold will exceed $2,700 per ounce in the coming days.
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If we talk about the European markets, the spot price of gold is trading at 2,401.77 euros per ounce with a drop of 4.40 euros per ounce. While in the British market, spot gold prices would fall by 3 pounds per ounce and would be trading at 2,001.28 pounds per ounce.
Gold exceeds Rs 76,500 in India
On the other hand, the price of gold on the country’s Multicommodity Exchange rose and the price exceeded 76,500. After the market closed on Tuesday, the price of gold rose by Rs 779 per ten gram to Rs 76,390 per ten gram. While during the trading session, the price of gold also reached the level of Rs 76,589 per ten grams. In the current year, the price of gold has given investors profits of more than 21 percent. This means that an increase of Rs 13,386 has been observed in the price of gold.
Will the price reach 80 thousand rupees?
Now the most important question is whether it will be possible to see how much gold prices will rise in the coming days. According to information, by the end of the year, gold prices may reach the level of 80 thousand rupees. Anuj Gupta, head of monetary commodities at HDFC Securities, said that due to geopolitical tension, gold prices seem to be getting support. An increase in the price of gold is also possible in the coming days. In the coming days, gold prices could reach the level of Rs 80,000.
