The price of gold is increasing for the 5th consecutive day.
There is a good rise in the prices of gold and silver in the futures market of the country. The special thing is that an increase of about Rs 1900 has been seen in the prices of gold. On the other hand, an increase of about Rs 2400 has been seen in the prices of silver. The main reason for the rise in gold prices is being said to be the statement of the Fed Governor. He has said that the inflation figures are lower than expected. At the same time, there is no growth in the job market either. Which is a better time to cut interest rates.
He said that there should be a cut of 50 basis points in the December policy meeting. If this does not happen then a reduction of 25 basis points may be seen. After which the prices of gold and silver in the international market reached a high of 3 weeks. 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 what is the price of gold and silver in the futures market of the country? We also try to understand whether the prices of gold and silver can reach new levels or not…
Increase in gold prices
There is a rise in gold prices on the country’s futures market Multi Commodity Exchange. At 11:45 am, the price of gold is trading at Rs 1,24,674 with an increase of Rs 704. Whereas during the trading session, gold prices saw a rise of Rs 1,839 and reached the day’s high at Rs 1,25,839. Whereas the price of gold opened at Rs 1,24,595 this morning and the day before, the price of gold closed at Rs 1,23,970.
How much did it cost in 5 days?
Gold prices are rising for the fifth consecutive day in the futures market of the country. On November 4, the price of gold closed at Rs 1,19,797. This means that the price of gold has seen an increase of Rs 6,042 per ten grams in about 5 days. On November 5, the price of gold was Rs 1,20,522, on November 6 it was Rs 1,20,613, on November 7 it was Rs 1,21,067 and on November 10, the price of gold was Rs 1,23,970 per ten grams.
Now you can understand that in the last 5 days, gold has given returns of more than 5 percent to the investors. However, at present gold is seen to be around Rs 6,500 less than its life time high of Rs 1,32,294. If similar growth is seen in the coming days, then gold prices may reach a new level.
Why is gold becoming expensive?
Now the biggest question is whether we can see further increase in gold prices. Experts believe that the kind of statement given by the Fed Governor makes it clear that gold prices may rise in the coming days. Federal Reserve Governor Stephen Miron on Monday advocated further cuts in interest rates to prevent a possible economic slowdown. In an interview with CNBC, the central bank official maintained his belief.
Also said that the Fed should reduce interest rates more rapidly. He said that considering the way inflation and job market are showing signs of weakness, a reduction of 50 basis points should be made in the month of December. However, the Fed Chairman can cut the rate by 25 basis points. After this statement, a rise in the prices of gold and silver may be seen.
Will gold create 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, Anuj Gupta, Director of Wealth, said that gold prices may see a rise in the coming days. The way the statement came from the Fed official, Gold seems to be getting support. This increase may be seen even more in the coming days. It is possible that gold may break the record of October 17. However, the price of gold is trading about 5 percent below the life time high of Rs 1,32,294.