price of gold and silver Has reached record high. After this, many people are now expecting a decline in the prices of both the precious metals. However, that is not going to happen. The upward trend in the prices of gold and moon will continue. Let us tell you that amid increasing geopolitical crisis in America and expectations of interest rate cuts, the futures price of gold in the international market increased by 9.9 percent in the last three weeks from $ 2,170 an ounce to $ 2,384 an ounce. Meanwhile, silver futures have performed better with a gain of 16 percent during the same period. 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.
How far can the price of gold and silver go?
MCX gold futures have hit new highs in the last 9 trading sessions and are up 8.5 percent. The chart shows that there is potential for some further consolidation, as technical indicators are in the overbought zone. Gold has increased by about 15 percent since the end of February 2024, and has touched life time highs during this period. Touched, a further rise of 5% can be seen in the price of gold. The price of gold may increase to Rs 75,000. At the same time, silver can increase by 2.5% and reach Rs 85,000. These signals are coming from the charge.
Gold at Rs 72,000, new record for silver
Gold and silver prices reached another new record level in the bullion market of the national capital on Wednesday amid a strong trend from global markets. Gold reached the level of Rs 72,000 per 10 grams for the first time. The price of silver also rose by Rs 200 to reach a new record high of Rs 84,700 per kg. Navneet Damani, senior vice president, commodity research, Motilal Oswal Financial Services, said, “Gold and silver are hovering around all-time highs due to geopolitical tensions and US Consumer Price Index based inflation and interest rate forecast for March. “Gold remains in demand as a safe haven investment amid further indications that gold remains in demand as a safe haven,” he said, adding that details of the Federal Reserve’s March meeting along with the US Consumer Price Index (CPI) will also be released later on Wednesday. Is.
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