gold price today
Gold-Silver Price Today: Today there has been a rise in the prices of gold and silver in India. There are many reasons, on one hand the weakness of the US dollar and on the other hand there is good demand in the domestic market. According to the data of Multi Commodity Exchange of India (MCX), as of 10:00 am on Monday, the price of gold has increased by 0.31% to around ₹ 1,21,603 per 10 grams, and the price of silver has also increased by 0.42% to around ₹ 1,48,906 per kg.
At the same time, global metal prices were not completely enthusiastic. But domestic influence in India has pushed up the prices of gold and silver.
Today’s gold and silver rates in major cities of the country
It is clear from these rates that gold is trending at almost the same rate in different cities whereas there is a slight difference in silver. This may be due to local demand and supply.
What are the main reasons behind the rise?
When the US dollar weakens, gold and silver in an import-dependent country like India no longer remain cheap but become expensive. Because the conversion cost in foreign currency (import cost) increases. The wedding season has started. People are investing in gold and silver, taking gifts, purchasing jewellery. Such good demand pushes prices higher.
Physical bullion (actual metal) prices were slightly down in the global market. Especially after the end of tax exemption in China, but the domestic environment in India is different. Imports, local demand and wedding gift traditions influence prices.
What could be the trend of gold and silver in future?
If the dollar-rupee weakens further, the prices of metals may go up further. On the other hand, if expectations of global interest rate cuts diminish or demand in markets like China reduces, the trend could change. Even at the domestic level, purchases may be affected in cities where demand for wedding gifts is low or jewelery making charges are increased.