There is a steady increase in gold prices in the country.
In the month of September, there is a tremendous rise in the prices of gold and silver. Experts also believe that such speed has not been seen in gold and silver in any one month. There is another day left till 30 September and gold has increased more than 10 percent in the current month. At the same time, silver prices have returned more than 18 percent. Now the biggest question is that Diwali is still 20 days left. In such a situation, can the price of gold and silver in the futures market of the country reach a new benchmark. Those are levels, gold 1.25 lakhs and silver about one million.
These two levels are such, which are being discussed continuously. If this happens, then both these safe haven assets can get new speed. Experts believe that there is no decrease in Jio political tension. Tariff tension is still intact. Gold purchases are being seen continuously from the central banks. Gold and Silver ETFs are constantly watching investment. In such a situation, the prices of gold and silver can be seen further. Let us also tell you how much the prices of gold and silver have been done at present.
There is no shortage in gold speed
If we talk about gold first, there is no lack of speed in its speed. Gold prices are constantly making new records. The price of gold on the multi -commodity exchange is trading at Rs 974 at Rs 1,14,462 at 9.45 am. Whereas during the business session, gold rose by Rs 839 to a new high of Rs 1,14,627. By the way, the price of gold started from Rs 1,14,300. While gold came to Rs 1,13,788 on Friday.
Silver prices also boom
On the other hand, there is a tremendous rise in silver prices and is moving towards a historic level of one and a half lakh rupees. Looking at the MCX data, silver rose by Rs 2,079 per kg to a new record level of Rs 1,43,968 during the business session. Whereas at 9.48 am silver was trading at Rs 1,43,708 with a rise of more than Rs 1,800. By the way, silver started with Rs 1,41,758. Whereas when MCX closed on Friday, silver was priced at Rs 1,41,889 per ten grams.
How much did the bounce between the two in September?
In the month of September, there has been a tremendous rise in the prices of gold and silver. First talk about gold, the price of gold was seen at Rs 1,03,824 per ten grams on the last business day of August. Since then, the prices of gold have been increased by Rs 10,803 per ten grams. This means that gold has given the investors a return of 10.40 percent so far in September.
On the other hand, silver has given more returns to investors than gold. This difference is also very high. According to the MCX’s knots, the price of silver was Rs 1,21,873 on the last trading day of August, with a increase of Rs 22,095 so far. This means that silver has given a return of 18.13 percent in the month of September.
Will silver reach the new level on Diwali?
Now the biggest question is whether gold and silver can appear at a new level. Or according to wealth director Anuj Gupta, both gold and silver can appear at the new level on Diwali. This means that gold can reach 1.25 lakhs and silver can reach 1.50 lakh rupees. There is also the reason for this. Jio has both political tension and trade tension. Bing is constantly being seen from the central banks. ETF flow is also very high. In the most important country, the demand for gold and silver is constantly seen in the festive season. Due to which the price of gold and silver can be increased in the coming days.
What are you saying
Pranav Mer, vice -president of Commodity and Currency Research of JM Financial Services, said that we hope that the current positive speed will continue in gold and silver, however, some profit -booking cannot be denied at the end of the week. Gold prices continued to have a positive speed and at the end of the week the prices closed up over three percent. This happened because better economic data in America has reduced the hope of cutting interest rates slightly.
Smallcase’s investment manager Pankaj Singh said that this boom is inspired by American large economic signs, global reserve restructuring and domestic festive demand. Singh said that US inflation figures match forecasts, while income and expenditure figures confirm the flexibility of the US economy. He said that the market’s stance remains a bit positive. The demand for festivals is increasing before Diwali and no major American data is going to come till Friday’s employment report, so there are all reasons to maintain strength to sleep.
Alpha Money’s management partner Jyoti Prakash reiterated this spirit and said that this property class is boom and gold has reached record high. So the trend is upwards. He described the strong investor interest in gold ETF as the reason for this boom. Prakash said that weak dollar also remains helpful for sleeping.