There is a tremendous rise in the price of gold before Diwali. It reached a high of 3 months. This week gold became costlier by more than Rs 1300. Know how much you will have to pay for 10 grams of gold now.
Gold Price:Markets around the world are under pressure due to the global political crisis. It was also said by the Federal Reserve that the monetary policy will remain tight for a long time, interest rates can also be increased if necessary. Due to all these reasons, the price of gold is increasing. Gold closed with a rise for the third consecutive week. Last week, gold became costlier by Rs 1328 (2.20%) on MCX and closed at Rs 60725 per ten grams. It is at a high of three months. Silver rose by 2.17 percent i.e. Rs 1622 and closed at Rs 72915 per kg.
Crude price reached $93
HDFC Securities analyst Anuj Gupta said that in the international market, gold closed at $ 1983 per ounce and silver at $ 23.35 per ounce. Commodity is getting support due to Israeli war. There is a surge in the demand for gold and silver. The price of crude has also reached $93 and there was an increase of 1.7 percent in the last week.
Where is the support and resistance for gold on MCX?
The expert said that the price of gold and silver will continue to rise. There will be support for gold on MCX at Rs 60000/59000. In the international market, support for gold will be at $1960/1935. In case of bullishness, there is a resistance at the level of Rs 61500/62200 for gold in the domestic market. In the international market, the barrier for gold will remain at $2010/2035. On MCX, there will be immediate support for silver at Rs 71000 and short term support at Rs 68000 per ten grams.
Rising trend in gold and silver due to global crisis
Motilal Oswal said in his latest report that the demand for gold increases when crisis and inflation increase. The current rise in gold and silver is an example of this. Central banks around the world are increasing gold reserves. However, the price of gold is in inverse relation with the dollar index and US bond yield. When the dollar and yields strengthen, the prices of gold and silver fall. However, in panic situations, buying interest is seen in both the asset classes, resulting in a rise in prices. There will be a rise in gold and silver now.
What is the price of gold and silver in Delhi?
Last week, gold closed at Rs 61650 per ten grams in Delhi bullion market. On Friday, its price recorded a rise of Rs 750. The price of silver last week was Rs 74700 per kg. On Friday, its price recorded an increase of Rs 500.
24 carat gold price on IBJA
According to the information available on the website of IBJA i.e. Indian Bullion Jewelers Association, the price of 24 carat was Rs 6069 per gram last week. The price of 22 carat gold was Rs 5924, the price of 20 carat was Rs 5402, the price of 18 carat was Rs 4916 and the price of 14 carat was Rs 3915 per gram. This does not include 3 percent GST and making charge.
