New Delhi: Gold and Silver prices are expected to rise ahead of the festive season. The market is witnessing a spurt in demand for gold ahead of Karwa Chauth and Diwali, the impact of which is clearly visible in it’s prices.
On the Multi Commodity Exchange (MCX), Gold futures for December were recorded trading 0.25% or Rs. 117 higher at Rs. 47,397. Gold had closed at Rs. 47,280 per 10 grams on the previous trading day. Speaking of silver prices, it is currently at Rs. 64,505 per kg.
What is the status of gold in the global market?
According to Reuters, Gold prices have fallen due to a rise in US bond yields globally. Spot gold prices fell 0.1% to $1,767.71 per ounce in the global market. Gold prices rose 1.2% on Tuesday, amid a surge in treasury yields. U.S. gold futures fell by 0.1% to $1,768.40.
Prices to surge till Diwali: According to market experts, gold prices may continue to rise from Diwali until December. Gold prices can reach between Rs. 57,000 and Rs. 60,000 during this period. At the same time, silver prices may also continue to rise. Silver prices can also reach between Rs. 76,000 and Rs. 82,000 per kg during this period.
Check gold rates by making just one missed call: You can now stay updated on gold prices from the comfort of your own home. According to the Indian Bullion and Jewellers Association, you can check the current price of gold by giving a missed call on 8955664433. You would get a message with updated Gold Prices right after you do this.
Gold imports increase: Gold imports in September have seen a descent rise. Gold imports have increased multifold to $5.11 Billion. It was $60.14 Crore back in September 2021. Silver imports, on the other hand, declined by 15.5% to $61.93 Crore between April and September. However, silver imports slowly rose to $55.23 Crore in September, up from $92.3 Lakh in September 2020.
Investment in Gold ETFs has also increased: Gold ETFs have also received a net investment of Rs. 3,515 Crore so far. Withdrawals in Gold ETFs took place only in the month of July. The number of folios in this category rose by 14% to 24.6 Lakh in September, against 21.46 Lakh in August.
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