The days of gold and silver are beginning to be seen rolling. After facing a steady decline for some time now, the prices of these two bright metals have started improving. Spot gold in the Indian bullion market today reached close to Rs 47 thousand per 10 grams. Spot gold today rose by Rs 281 per 10 grams to reach a level of Rs 46,885. Similarly, silver also registered a jump of Rs 562 per kg. With this rise, silver reached the price of Rs 61,078 per kg today.
With the rise in the bullion market, the environment of both these bright metals remained bullish in the exchange as well. On the Multi Commodity Exchange (MCX), the prices of gold and silver also rose today. Gold was trading at Rs 46,934 per 10 grams on MCX today. At the same time, silver was being traded at a price of Rs 61,380 per kg.
According to commodity expert Mayank Srivastava, both gold and silver prices are expected to rise in the Indian bullion market in the coming days. Although the price of gold may continue to remain under pressure due to the strengthening of the dollar in the international market and the rise in interest rates on bonds, but due to the rise in the price of crude oil in the international market, gold can get the benefit. could.
Because the rise in the price of crude oil can boost the inflation rate around the world. Due to this, the demand for gold as a safe means of investment may increase. At the same time, the festive season starting today will also have an impact on the domestic bullion market. During this period, the demand for gold and silver is likely to remain bullish. Due to which there is a possibility of increase in the price of these two shiny metals.
According to Vishwambhar Saxena, Research Head, Lantech Securities, the demand for shiny metals like gold and silver has returned to its normal trend during the festive season. During the last one month, there has been a comparatively strong increase in the import of gold on an annual basis. Based on this, it is being estimated that this year the demand for gold will be strong in the festive season.
According to Vishwambhar Saxena, the strength of the dollar in the currency market has also increased the pressure on gold and silver. Along with this, due to the increased demand of the festive season, the price of gold can go up to Rs 49 thousand per 10 grams till Diwali.