New Delhi: The prices of gold and silver are witnessing a good rise in the futures market of the country. The special thing is that where gold prices have increased by about Rs 1900. On the other hand, silver prices have seen a rise of about Rs 2400. The Fed Governor’s statement is said to be the main reason for the rise in gold prices. He has said that the inflation figures are lower than expected. At the same time, there is no boom in the job market. Which is a good time to cut interest rates.
The Fed Governor said that there should be a reduction of 50 basis points in the policy meeting of December. If this does not happen then there may be a reduction of 25 basis points. After which the prices of gold and silver in the international market reached a 3-week high. At the same time, there was a rise in the prices of gold and silver in the futures market of the country.
Let us also tell you how much the prices of gold and silver have become in the country’s futures market? At the same time, they also try to understand whether the prices of gold and silver can reach new levels or not…
Gold price jumps
Gold prices are rising on the country’s futures market Multi Commodity Exchange. At 11 o’clock 45 in the morning, the price of gold rose by Rs 704 and traded at Rs 1,24,674. Whereas during the trading session, gold prices increased by Rs 1,839 and the price reached the day’s high with Rs 1,25,839. Whereas the price of gold opened at Rs 1,24,595 this morning and gold prices closed at Rs 1,23,970 a day earlier.
Gold prices are rising for the 5th consecutive day in the country’s futures market. Gold prices closed at Rs 1,19,797 on 4th November. This means that the price of gold has increased by Rs 6,042 per ten grams in about 5 days. Gold prices were Rs 1,20,522 on 5 November, Rs 1,20,613 on 6 November, Rs 1,21,067 on 7 November and on 10 November the price of gold was Rs 1,23,970 per 10 grams.
Now you can understand that gold has given investors returns of more than 5 percent in 5 days so far. By the way, gold is currently being reduced by about 6,500 rupees from its life time high of Rs 1,32,294. If there is a similar rise in the coming days, then gold prices can be seen at a new level.
Why is gold getting expensive?
Now the biggest question is whether gold prices can rise further. Experts believe that from the statement made by the Fed Governor, it is clear that gold prices may rise in the coming days. Federal Reserve Governor Stephen Miran on Monday advocated further interest rate cuts to prevent possible economic softening. In an interview with CNBC, central bank officials maintained this belief.
It also said that the Fed should lower interest rates with a more rapid pace. He said that considering the way inflation and job market are showing signs of weakness, one should cut it by 50 basis points in the month of December. By the way, the Fed Chairman can deduct 25 basis points. After this statement, the prices of gold and silver may see a rise.
Will gold set a new record?
Gold has recovered 5 percent in 5 trading days. In such a situation, the biggest question is whether gold prices will set a new record? On this or Wealth Director Anuj Gupta said that gold prices may rise in the coming days. The way the statement came from the Fed official, it seems to be supporting Gold. This speed can be seen even further in the coming days. It is possible to break the gold record of October 17. By the way, the price of gold is trading about 5 percent below the life time high of Rs 1,32,294.
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