Due to maintaining high allotment in safe property by banks and funds, gold has got good support.
Gold and silver became expensive again on Tuesday. According to the All India Bullion Association, on February 18, the price of gold in the national capital increased by Rs 300 to Rs 88,500 per 10 grams. The precious metal of 99.9 percent purity was closed at Rs 88,200 per 10 grams on Monday. Gold with 99.5 percent purity increased by Rs 300 to Rs 88,100 per 10 grams. The price of silver also increased by Rs 800 to Rs 99,000 per kg, which was the previous closed price of Rs 98,200 per kg.
Gold and silver in the futures market
According to the news, the price of April delivery gold contract in futures trading on the Multi Commodity Exchange (MCX) rose by Rs 435 to Rs 85,490 per 10 grams. Silver futures for March delivery on MCX also increased by Rs 439 to Rs 96,019 per kg. In international markets, comex gold futures increased to $ 24.94 an ounce for April delivery, or 0.86 percent to $ 2,925.64 an ounce.
Gold got good support
Vice President Research Analyst of LKP Securities – Commodity and Currency, Jatin Trivedi said that the positive trend in gold continued due to global uncertainty over tariffs. Due to maintaining high allotment in safe property by banks and funds, gold has got good support. Trivedi said that on Wednesday, major developments such as Trump’s speech, as well as the Federal Reserve and RBI meeting minutes, will increase market volatility in coming sessions.
What do experts say
Kayanat Chanwala, AVP of Commodity Research in Kotak Securities, said Comex is trading above $ 2,925, as investors are monitoring the tension between the US and the European Union and the developments of Ukraine peace talks. Gold spot in foreign markets rose nearly $ 16 to $ 2,912 an ounce. Gold recorded a slight increase on Tuesday, making it its position in the form of primary safe-property and attractive inflation rescue.
Senior analyst of commodities at HDFC Securities, Saumil Gandhi, said, however, the fed member Patrick Herker’s sharp comments were limited due to the further overs, who advocated unchanging interest rates from the central bank on Monday night.
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