After the initial decline of the week, the prices of gold and silver have increased Today. According to the website of India Bullion and Jewelers Association (IBJA), gold has become costlier by Rs 130 in the bullion market to Rs 47,714 per 10 grams. Talking about the futures market, gold is trading at Rs 47,546 with an increase of Rs 108 on MCX at 1 pm. However, by the end of this year, gold prices can go up to 50,000.
Talking about silver, today its price has also increased. Silver has become costlier by Rs 259 to Rs 63,200 per kg in the bullion market. At the same time, at 1 pm on MCX, it is trading at Rs 62,992 with an increase of Rs 357.
Due to the shock to the supply chain during the Corona epidemic, all the commodities from aluminium to natural gas have seen an increase one after the other. Now the name of gold can also be added to this list. And the biggest reason behind this is the ongoing wedding season. People buy gold during festivals, weddings and other important events in the family. However, due to this, the price of gold and silver is increasing continuously.
In the international market, gold has reached US $ 1,793 an ounce. Earlier this month it was close to $ 1,780. Silver also remains close to $ 24 an ounce.
Anuj Gupta, Vice President (Commodity & Currency), IIFL Securities says that the demand for gold has picked up in the festive season. Apart from this, its demand will increase further during the wedding season. Due to this, by the end of the year, the price of gold can reach 50 thousand rupees.