Before Akshaya Tritiya, the price of gold and silver has started increasing. The rise in gold and silver continued for the second consecutive day on Tuesday. In the bullion market of the national capital, gold closed at Rs 72,450 per 10 grams with an increase of Rs 200. In the last trading session, gold had closed at Rs 72,250 per 10 grams. The price of silver also jumped by Rs 700 to Rs 85,000 per kg. In the previous trading session, silver had closed at Rs 84,300 per kg.
Hence the rise in gold prices
Taking positive cues from overseas markets, spot gold (24 carat) in Delhi was trading at Rs 72,450 per 10 grams, which is Rs 200 more than the previous closing price, said Saumil Gandhi, senior analyst (commodity), HDFC Securities. In the international market Comex (commodity market), spot gold was trading at $ 2,319 an ounce, which is an increase of seven dollars from the previous closing price. Gandhi said, “This year, gold prices rose due to indications of interest rate cuts by the US Federal Reserve.
Expectations of interest rate cut increased
Dovish comments from US policymakers have boosted interest rate cut expectations. Apart from this, rising geopolitical concerns in West Asia also supported gold, he said. Israel’s rejection of a Hamas-backed ceasefire proposal to end fighting in Gaza increased demand for safe haven assets. Silver also gained marginally to $ 27.25 an ounce. In the last session it had closed at $ 27.05 an ounce.
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