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New Delhi: There was a sharp rise in the prices of gold and silver in India. This sharp rise in gold prices was seen due to the increasing possibility of the US Federal Reserve reducing interest rates. Investors remain cautious in the global markets and due to this the buying of precious metals has increased. 24 carat gold increased by Rs 191 per gram to Rs 12,704 per gram. 22 carat gold jumped by Rs 175 per gram to Rs 11,645 per gram. At the same time, 18 carat gold also increased by Rs 143 per gram to Rs 9,528 per gram.
Silver jumped by Rs 167 per gram to Rs 1,67,000 per kg. Silver prices are especially tracked by investors and jewelery buyers because its industrial demand remains strong and prices change rapidly when supply is affected. Because of this, a sudden rise in silver was seen.
What will be the situation in the coming days?
Gold and silver trading on MCX also closed with a sharp increase. MCX gold futures with December expiry closed at Rs 1,25,163 per 10 grams. MCX Silver Futures also closed strongly at Rs 1,56,531 per kg. Gold prices were also seen increasing in the international market. On Tuesday, international gold traded at $ 4,120 an ounce. This indicates that the prices of gold and silver may continue to fluctuate in the coming days.
Will prices fall?
The market is now eyeing the US economic data to be released on Wednesday. America will release its GDP, crude oil inventory, jobless claims and other big economic data. These figures will have a direct impact on gold and silver. If the US economy shows weak signs, gold prices may rise further as investors turn to safe assets. At the same time, if American data comes out strong then a slight decline in prices can also be seen.
What did the analysts say?
The demand for gold from retail investors and jewelery market in India remains strong. Due to the wedding season, gold purchases are also increasing which is affecting the prices. Analysts say that today i.e. 26th November, the prices of gold and silver can create new records and investors should trade cautiously because a new signal can be received from the global market at any time.
