On the first trading day of the week i.e. today, there has been an increase in the prices of gold and silver in the bullion market. According to the website of India Bullion and Jewelers Association (IBJA), gold has become costlier by Rs 158 to Rs 46,592 per 10 grams in the bullion market today. However, there is a slight weakness in gold in the futures market today. Gold is trading at Rs 46,469 with a fall of Rs 37 on MCX at 1.30 pm.
Talking about silver, it has increased by Rs 1,030 to Rs 60,611 per kg in the bullion market. On MCX too, it is trading at Rs 60,452 with a fall of Rs 98 at 1 pm.
In the last month i.e. in September, the price of gold has fallen by Rs 1,416 in the bullion market. On September 1, it was at Rs 47,267, which came down to Rs 45,851 per 10 grams on September 30. On the other hand, when it comes to silver, it became cheaper by Rs 6,307 and came to Rs 58,118 per kg on 30 September.
Experts say that due to the rise in interest on the dollar and bonds, the price of gold remains under pressure. However, due to the rise in the price of crude oil, the inflation rate in the world will increase. In such a situation, the demand for gold will increase again in the coming days. Apart from this, the demand for gold will increase in the festive season and this can lead to a rise in the price.
Anuj Gupta, Vice President (Commodity & Currency), IIFL Securities says that due to the strengthening of the dollar, gold and silver are under pressure. However, due to the increase in the price of crude oil, the price of petrol and diesel is likely to increase in the coming months. This can increase inflation. In such a situation, there can be an increase in gold in the long term. According to him, by Diwali, the price of gold can reach 49 thousand rupees.
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