Gold shines brighter than ever (indicative image)
There has been a good rise in the price of gold in the country’s capital Delhi during the Diwali week. Due to which gold prices reached record levels in Delhi. Talking about figures, an increase of more than Rs 2,300 has been observed in the price of gold. If we talk about silver, an increase of Rs 2,000 has been observed in the past. According to experts, demand for gold and silver prices was observed during the Diwali week. The effect of this is also visible in prices. Let us also tell you what gold and silver prices have become.
Rising gold and silver prices in Delhi
A rise in gold and silver prices was seen in the Delhi bullion market last week. According to the data, on the last trading day last week, the price of gold in Delhi was Rs 80,050 per ten grams. While in the last trade this week, the gold price in Delhi reached Rs 82,400 per ten grams. This means that this week the price of gold has seen an increase of Rs 2,350. If experts are to be believed, a further rise in the price of gold may be seen.
On the other hand, there has also been an increase in the price of silver, but this increase is less than that of gold. On the last trading day of last week, the price of silver stood at Rs 99,000 per kg. While the last trading price of silver this week reached Rs 1.01 lakh. This means that the price of silver has seen an increase of Rs 2,000 per kg.
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MCX also saw an increase
On the other hand, last week there was a slight increase in the price of gold in the country’s futures market. While a large drop was observed in the price of silver. Talking about numbers, on the last trading day of last week, gold was at Rs 78,532 per gram, which reached Rs 78,867 per ten gram on the last trading day of this week. This means that there was an increase of Rs 335 in the price of gold.
On the other hand, there has been a huge drop in the price of silver. If you look at the data, the price of silver was Rs 97,134 per kg on the last trading day of the week, which went down to Rs 95,483 per kg on the last trading day of this week. This means that there has been a drop of Rs 1,651 per kg in the price of silver.
What do the experts say?
If experts are to be believed, the Federal Reserve meeting will be held in November. It remains to be seen whether the Federal Reserve cuts interest rates for the second time in a row or not. If a reduction is observed, the price of gold will increase. If interest rates remain frozen, the dollar index will rise and the price of gold will fall rapidly. In such a situation, the Federal Reserve meeting in the month of November will prove to be a big trigger for gold prices.
