Gold Price Today: This week, the price of gold and silver increased by more than Rs 850. Know what is the latest price of 24 carat gold and what factors will affect the price in future.
Gold Price Today: Gold and silver prices strengthened this week due to the fall in the US dollar index and bond yields. In the domestic market, gold on MCX closed at Rs 62954 per ten grams with a rise of Rs 762. Silver gained Rs 861 and closed at Rs 75386 per kg. Spot gold closed at Rs 2053 per ounce in the international market.
Closing price of gold and silver in bullion market
Here in the Delhi bullion market on Friday, a rise of Rs 300 in gold and Rs 400 in silver was recorded. Due to this rise, gold closed at the level of Rs 63350 per ten grams. Silver closed at the level of Rs 79500 per kg. HDFC Securities Commodity Analyst Saumil Gandhi said that there was a decline in US GDP growth in Q3, after which the pressure on the dollar index increased and an upward trend is being seen in gold and silver.
Price of 24 carat Gold
According to the information available on the website of IBJA i.e. Indian Bullion Jewelers Association, this week the price of 24 carat gold closed at Rs 6284 per gram. The price of 22 carat was Rs 6134, the price of 20 carat was Rs 5593, the price of 18 carat was Rs 5090 and the price of 14 carat was Rs 4053. This does not include 3% GST and making charges.
Effect of dollar index and bond yield on price
Gold and silver prices react inversely to the US dollar index and bond yields. If the dollar index increases, there will be pressure on the price and if the index decreases, the price of gold and silver increases. American personal consumption expenditure grew by 2.6% on an annual basis in November, which was 2.9% in October. This was lower than expected, which raises the argument that the Federal Reserve will not raise interest rates any further. This will support the price of gold and silver.
Which factors will affect gold and silver in 2024?
Motilal Oswal said in his report that gold will become costlier by 13-15% in the year 2023. Talking about the outlook for 2024, factors like monetary policy, fluctuations in dollar index and bond yields will be important. If the Fed does not cut interest rates as per market expectations, there will be pressure on prices. On the other hand, geopolitical situation, weakness in dollar index, interest rate cut and pressure on growth rate will support the demand for gold and silver and there will be a rise in the prices.
