new Delhi. The weakness in the US dollar has improved the gold and silver price. Especially Silver Price Rise is trading at a rapid pace of around 5 per cent. Nearly a week has increased by 10 thousand rupees. After which the Silver Price has broken the record of 112 months ie 9 years 4 months old all time. Today, silver has crossed 75 thousand rupees per kilogram. At the same time, the price of gold has reached a new record of Rs 55,600 per ten grams.
Also read: Relief on RBI’s Gold Loan should not get caught in profiteering team
Silver breaks 9 year old record
In the September expiry contract for silver on Multi Commodity Exchange (MCX), it was trading at Rs 7567 per kg, up by Rs 3567, or 5.24 per cent, from the previous session at 5.10 pm on Thursday evening. The price jumped to Rs 75,690 per kg. After which silver has broken the 9 year old record. Let us tell you that on 25 April 2011, the price of silver on MCX went up to Rs 73,600 per kg, which was a record level till now.
Also read: RBI big announcement on gold loan, know how much relief the general public got
Gold prices on the sky
Talking about the price of gold on MCX, the October futures contract is trading at Rs 55,713, up by Rs 615, or 1.12 per cent. Whereas during the previous trading, gold rose by Rs 55,745 per 10 grams, which is a record level so far. Let us tell you that today gold was opened at Rs 55,265 per ten grams. On Wednesday, gold prices closed at Rs 55,098 per ten grams.
Also read: RBI MPC Meet: Reserve Bank did not change the Repo Rate, now will have to wait
Gold and silver in foreign markets
The October futures contract for gold on the international futures market Comex was trading at $ 2052.50 an ounce, up $ 15.40, or 0.76 percent, from the previous session, while the previous price rose to $ 2,052.70 an ounce. In the previous session, gold futures had jumped to $ 2057.50 an ounce on Comex, which is a record level so far. In the global market, gold was present at the spot at $ 2050.02 an ounce. The September contract for silver on Comex was trading 2.84 percent higher at $ 27.655 an ounce from the previous session, while silver rose to $ 27.723 an ounce on the COMEX. The price of silver on Comex rose to a record $ 49.83 an ounce in April 2011.
Also read: Who benefits and losses from BCCI to Broadcaster with Vivo’s withdrawal from IPL 2020
Dollar weakness and live political tension
The dollar index against the six world currencies was at 92.70, down 0.15 percent from the previous session. The dollar index climbed to 100.43 on May 18, but since then the dollar has continued to weaken. On the other hand, the Geo political tension is still intact. The US-China tension of Israel and Lebanon tension, the dispute over Hong Kong is increasing the price of gold and silver for all the reasons.
.