Gold and silver
The price of gold and silver has again returned to a rapid pace. Today, gold prices rose by Rs 1,100 to Rs 89,000 in the bullion market of the national capital. The All India Bullion Association gave this information. The price of gold with 99.9 percent purity increased by Rs 1,100 to Rs 89,000 per 10 grams. Its previous closed price was Rs 87,900 per 10 grams. The price of gold with 99.5 percent purity increased by Rs 1,100 to Rs 88,600 per 10 grams. Its previous closed price was Rs 87,500 per 10 grams. Traders said that bullion prices jumped after US President Donald Trump confirmed the fees on Canada, Mexico and China from Tuesday.
Gold price rises due to trade war
China and Canada also announced retaliation against the US, increasing trade tension in North America. Silver prices rose by Rs 1,500 to Rs 98,000 per kg due to industrial demand and rise in gold. On Monday, the price of silver closed at Rs 96,500 per kg. On the foreign front, comex gold futures increased by $ 32.70 to $ 2,933.80 an ounce for April contracts. Meanwhile, the spot gold increased by about one percent to $ 2,921.42 an ounce.
Expected to cut interest rates
According to HDFC Securities Senior Analyst-Soumil Gandhi, less than expected ISM manufacturing PMI data released on Monday added another disappointing signal on the large economic front. Gandhi said that it has come in view of last week’s weak residential figures, rising unemployment claims and a decline in consumer spending. The release of the data has increased the possibility that the US Federal Reserve will cut interest rates before expectation.
Latest business news
