gold and silver The rise in prices is showing no sign of stopping. Today again the prices of both the precious metals have increased. Let us tell you that the trend of increase in the price of gold, which has started from the month of February, is showing no signs of stopping. Commodity experts say that gold has reached a new peak in domestic and international markets today in anticipation of strong US inflation data and US Fed rate cut.
latest price of gold and silver
The price of gold on Comex has reached a new record high of $ 2,412 an ounce today. Gold price on MCX hit a new high of ₹72,678 per 10 gram today, while silver price on MCX hit a life time high of ₹84,102 per kg within minutes of commodity markets opening today. In this way, soon gold can reach 75 thousand and silver can reach 85 thousand.
Gold becomes safe investment destination
In the international market, the futures price of gold increased by 9.9 percent in the last three weeks from $ 2,170 an ounce to $ 2,384 an ounce. Silver futures have performed better during this period with a gain of 16 percent. The reason for the rise in gold and silver is also the tremendous buying by central banks around the world. China’s PBOC (Public Bank of China) bought gold for the 17th consecutive month in March. At the same time, many global central banks of the world increased their gold reserves in February for the ninth consecutive month.
Central bank, especially PBOC, buying gold remains a major factor supporting the rally. Apart from this, geopolitical tension is also a reason. There is an atmosphere of instability in the global world due to the war between Russia, Ukraine, Israel and Hamas. Therefore, gold has become a safe investment destination among investors.
Latest Business News