Gold and silver price: gold becomes expensive due to the decision of the Fed, know how much the prices
New Delhi. The gold and silver price has risen strongly in the international market following the decision of the US central bank, the Federal Reserve, to keep interest rates stable. Gold on Comex has risen by more than one per cent since the last session, while silver has also gained more than two per cent. Gold has again gone above $ 1,750 an ounce and looking at this week’s boom, experts say that the yellow metal may soon touch back to the $ 1,800 an ounce level. The effect of which is being seen in the domestic futures market as well. Gold appears to be more expensive than 450 rupees. At the same time, the price of silver has increased by more than 1100 rupees. Let us also tell you at what level the price of gold and silver has reached in the country and abroad.
Gold and silver price in domestic market
The domestic futures market, Multi Commodity Exchange (MCX), was trading at Rs 45,290 per 10 grams, up by Rs 450, or 1 per cent, from the previous session in the April contract of gold at 12 noon on Thursday, while the price of gold was trading earlier. During the period, it rose to 45,247 rupees. On the other hand, MCX silver was trading at Rs 68,335 per kg, up by Rs 1108, or 1.65 per cent, from the previous session in the May contract, while silver rose by Rs 68,370 per kg during the previous trade.
Boom in foreign markets as well
Bullion in the global market continued its rally for the fourth consecutive session on Thursday, and the price of gold rose by more than $ 33 an ounce in these four days. In April contracts of gold on the international futures market Comex was trading at $ 1,748.80 an ounce, a gain of $ 21.70, or 1.26 per cent, from the previous session, while gold traded up at $ 1,754.10 an ounce during trading, while silver on Comex. The May contract was trading 2.16 per cent higher at $ 26.62 an ounce from the previous session, while silver rose by $ 26.71 an ounce during trading.
What do you know
IIFL Securities Vice President and Commodity Marketer Anuj Gupta estimates that Gold may remain close to $ 1,780 to $ 1,800 an ounce in the international market, silver will be between $ 28 and $ 30 an ounce. He estimates that gold in India will go back to the level of Rs 47,000 per 10 grams, while silver can see a level of 70,000 to 72,000 rupees per kg.
Ajay Kedia, director of Kedia Advisory, also said that Gold had closed flat in the domestic futures market in the previous session, but after the decision of the Fed, the boom in the international market may also see a tremendous jump in the domestic bullion market. Kedia reported that the Federal Reserve has indicated no change in its policy interest rates by 2023, leading to a bullion market boom and pressure on the dollar. Explain that the US central bank has decided to keep the federal fund rate stable at zero to 0.25 percent.