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The rise in the price of gold is not taking the name of stopping. Gold increased from ₹ 76,544 to ₹ 86,020 per 10 grams in the last 49 days, leading to a gain of ₹ 9,506 per 10 grams in its price. The price of gold at MCX on Friday was closed at ₹ 86,020 per 10 grams, MCX gold recorded a weekly lead of about 1.57 per cent. Although gold was also recorded in a good rise last year, but this year, the US presidential election has recorded a huge rise in gold due to the possibility of Donald Trump’s victory and the start of trade war. The price of silver with gold is increasing. Experts in the bullion market say that this fast is not going to stop here. Let us know where the price of gold can reach this year.
Where will there be gold till Dhanteras and Diwali?
Anuj Gupta, the head of commodity and currency in HDFC Securities, told India TV that gold will continue to rise due to geopolitical uncertainty, inflation pressure and continuous fall of rupee. He said that technically, in the international market, the spot gold seems to be moving towards the level of $ 2900, which is supported at $ 2845/2826. He further said that if we talk about the future, the short term may fluctuate but will continue in the long term. I estimate that gold on MCX by Dhanteras and Diwali may touch a record high of Rs 87,000. If this happens, the price of 24 carat gold in the Indian market will reach 90 thousand rupees per 10 grams easily.
Silver will not be behind
After the boom in gold, it is now a turn of silver. According to SAMCO Securities Estimates, silver is set to touch the target of Rs 1,17,000 in the next 12 months. Despite a rise of 41% from December 2022, silver in white metal is likely to rise once again. Since December 2022, silver has performed better than Nifty and has given 26% returns in this period. On Friday, Silver was trading at Rs 96,891 at Rs 96,891 at MCX on MCX. Soon silver can once again achieve a mark of Rs 1 lakh.
Causes of silver boom
Weakness in Dollar Index is a major positive aspect for silver. When the dollar is weak, more dollars are required to buy the same amount of silver, increasing silver prices. Silver is an important use for the production of various products such as electric vehicles and solar panels. Industrial demand is going to increase which will increase the price of silver. At the same time, silver increased less than gold. All these reasons will bounce the price of silver.
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