May 25, 2024

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Gold became expensive for the third consecutive day, silver also rose

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New Delhi: Gold and silver prices rose today in Indian markets amid stable global rates. October futures on MCX rose 0.7 per cent to Rs 52,000 per 10 gram level. The price of gold futures has increased for the third consecutive day. On the other hand, silver futures on MCX jumped 1.2 per cent to Rs 71,300 per kg. In the previous session, gold had risen by Rs 300 per 10 grams, while silver had jumped by Rs 1,800 per kg. Gold is below Rs 4,000 from a high of Rs 56,200 per 10 grams on August 7.

In global markets, gold prices remained unchanged at a nearly two-week high due to a weak US dollar. Spot gold held steady at $ 1,968.98 an ounce. The dollar index fell to a two-year low against 91.81 against other currencies, making gold less expensive for holders of other currencies. Among other precious metals, silver fell 0.2 percent to $ 28.17 an ounce, platinum rose 0.3 percent to $ 931.87 and palladium fell 0.3 percent to $ 2,235.64.These factors are affecting pricesIn this context, Kotak Securities said in a note, ‘Gold is supported by rising corona virus cases globally and US-China tensions. The rise in virus cases internationally has raised doubts over the sustainability of the economic recovery. ‘ The brokerage said the gold price was being affected by ETF activity, weak consumer demand and continued growth in global equity markets.

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