New Delhi: Since Diwali, the prices of gold and silver have been falling steadily. However, the rates of gold and silver jumped on 29th October, Wednesday.
The rise is a result of the expectation of an interest rate cut from the US Federal Reserve today. However, due to the decrease in US-China trade tension, the rise of gold was restrained.
Today gold was seen rising by Rs 439 to Rs 120,085 per 10 grams on the Multi Commodity Exchange i.e. MCX. At the same time, the price of silver jumped by Rs 950 to Rs 145,292 per kg. However, there was a decline in gold at the international level. On Wednesday, spot gold fell by 0.88 percent and traded at $3,970 per ounce.
Today 24 karat gold was available on Tanishq’s website at Rs 1,21,250 per 10 grams. At the same time, the price of 22 karat gold was recorded at Rs 1,11,150 per 10 grams. According to the bullion website, the price of silver was recorded at Rs 1,45,350 per kg in retail today. It saw an increase of Rs 700.
Gold prices have climbed by about 52% so far this year, from a record high of $4,381.21 on 20 October. It was strengthened by geopolitical and economic uncertainties, expectations of interest rate cuts and frequent purchases of central banks.
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