From the futures market of the country to the Comex market of New York, there is a continuous rise in the prices of gold. Gold prices are increasing for the second consecutive day in the futures market of India. According to data, gold prices have seen an increase of more than Rs 2000 in two days. On the other hand, the price of silver has crossed Rs 1.58 lakh. Although both gold and silver are below their peak, but with hope the prices of gold and silver are rising. If it comes to fruition then gold can also set a new record. Let us also tell you what the prices of gold and silver have become in the country’s futures market MCX and New York’s Comex market. At the same time, let us also try to know on what basis gold and silver are gaining momentum?
Increase in gold and silver prices
There is a rise in the prices of gold and silver in the country’s futures market Multi Commodity Exchange. First of all, if we talk about MCX, the price of gold is trading at Rs 1,25,875 per ten grams with an increase of Rs 650 at 9.35 am. Whereas during the trading session, the price of gold rose by Rs 697 and reached the day’s high of Rs 1,25,922 per ten grams. However, in two days, an increase of about Rs 2100 has been seen in the prices of gold.
On the other hand, an increase in silver prices is also being seen in the futures market. According to the data, at 9.35 am, the price of silver was trading at Rs 1,57,876 per kg with an increase of Rs 1,555. Whereas during the trading session it rose by Rs 1,800 per kg and reached the day’s high of Rs 1,58,121 per kg.
Why did gold prices rise?
- International gold prices hit a nearly two-week high on Wednesday as fresh US macro data pressured the dollar and raised expectations of an interest rate cut by the US Federal Reserve next month.
- The dollar index fell to a one-week low near 99.60, making gold attractive for foreign buyers. The benchmark 10-year US Treasury yield hovered near a one-month low in the previous session.
- US retail sales data and producer price index data for September boosted expectations of interest rate cuts in December. US retail sales grew slower than expected in September.
- US Commerce Department data showed that total retail sales rose 0.2 percent on a month-on-month basis in September, after a 0.6 percent increase in August.
- On the other hand, the US Labor Department showed that the Producer Price Index (PPI) increased in line with forecasts and reached 0.3 percent in September.
- Both reports released Tuesday were delayed due to the government shutdown that lasted a record 43 days between October and mid-November. Due to this bandh, publication of various economic data had stopped.
- Although Fed interest rate factor remains a key support for gold prices, positive signals on Russia-Ukraine war front may limit gold’s upside.
- US President Donald Trump has announced parallel missions to Moscow and Kiev to advance a proposed US-backed peace plan, raising hopes that Europe’s biggest conflict since World War II could soon end.
Gold became costlier in foreign markets also
On the other hand, there is a rise in gold prices in foreign markets also. Gold future on Comex is trading at $ 4,199.80 per ounce with a rise of $ 22.50 per ounce. At the same time, the gold spot price is trading at $ 4,162.39 per ounce with an increase of $ 31.70 per ounce. On Comex, silver futures are trading at $ 52.36 per ons with a rise of 1.42 percent and silver spot prices are trading at $ 51.98 per ons with a rise of 0.99 percent.