There has been a slight increase in the prices of gold and silver in the international market. The effect of which was seen on the domestic market and the prices have increased here too.
Gold and silver became expensive today
Gold and silver prices have seen an increase due to the fall in the value of the rupee coupled with the rise in the prices of precious metals at the international level. Even after the increase, gold remains below the level of Rs 51 thousand per 10 grams. At the same time, the price of silver is below the level of 53500. Due to the tough stance of the Federal Reserve, the prices of both gold and silver were showing a softening trend in recent days. On Thursday itself, in the international market, gold had come down to a 6-week low and silver to a 2-year low.
Where did the gold and silver prices reach
On Friday, gold rose by Rs 47 to Rs 50,729 per 10 grams in the Delhi bullion market. HDFC Securities gave this information. In the last trading session, gold had closed at Rs 50,682 per 10 grams. On the lines of gold, silver also jumped by Rs 496 to Rs 53,429 per kg. In the last trading session, the price of silver was Rs 52,933 per kg. The rupee depreciated by 14 paise to Rs 79.70 against the dollar in early trade on Friday at the interbank forex market amid strengthening of the dollar in overseas markets. In the international market, gold was trading higher at $ 1,702 an ounce. While silver was steady at $17.96 an ounce. HDFC Senior Analyst (Commodity) Tapan Patel said, spot gold was up 0.42 per cent at USD 1,702 an ounce on the New York-based commodity exchange, Comex, thereby keeping its prices strong here.
Fed’s tough stance impacts gold and silver
Even though today there has been a fall in gold and silver. But for some time now there has been pressure in the prices. On Thursday, gold in the international market has reached a low of about two months. On the other hand, silver is at a two-year low. In fact, due to the fear of recession in the economies, the industrial demand for silver has decreased. On the other hand, due to the increase in the rate in America, the investment demand for gold has also been affected.