Gold Crosses Rs. 40000 in Strong Foreign Signal and Domestic Futures
Due to strong foreign signals and the rise in domestic futures, on Monday, gold in the bullion market of the country touched a record high of Rs 40,000 per 10 gram and the silver price went above Rs 46,000 per kg.
In the country's financial capital, Mumbai, pink city Jaipur and Yellow gold market, Ahmedabad, the price of 24 carat gold rose above Rs 40,000 per 10 grams. The spot price of gold rose by more than Rs 1,000 per 10 grams and silver also rose by more than Rs 1,000 per kg. Gold has reached 40 thousand for the first time.
In Mumbai, gold prices of 24 carat purity rose to Rs 40,040 per 10 grams on Monday, compared to Rs 38,770 per 10 grams in the previous trading session. At the same time, gold of 22 carat purity rose from Rs 38,720 in Mumbai to Rs 39,890 per 10 grams in the previous session. In Mumbai, silver rose from Rs 45,015 to Rs 46,380 per kg.
In Jaipur, the price of 24 carat and 22 carat gold was Rs 40,020 and Rs 39,900 per 10 grams respectively, while silver rose to Rs 46,400 per kg. In Ahmedabad, the price of 24 carat and 22 carat gold rose to Rs 40,000 and Rs 39,870 per 10 grams respectively, while silver rose to Rs 46,400 per kg. This rate includes 3 percent GST.
On the other hand, gold prices on the futures market MCX again rose to a new high of Rs 39,340 per 10 grams on Monday, though the prices slipped and rose by Rs 95 to Rs 38,860 per 10 grams in October contract during afternoon trading.
Silver futures were also trading at Rs 44,854 per kg, up by Rs 252. India Bullion and Jewelers Association (IBJA) National Secretary Surendra Mehta told news agency IANS that there was a softening in demand for expensive metals at higher prices.
On the question asked about the estimate of the next phase of gold and silver, he said that 'Currently the market of gold and silver is not running from any fundamental or analysis or chart, but from the tweet of Trump. Therefore it is difficult to say when the price will increase or when it will decrease. But the recent rapid domestic demand has decreased by 50 percent.
Ajay Kedia, director of Kedia Commodity, said that because of the tensions between the US and China, the rise in gold and silver in the overseas market has led to a surge in the prices of expensive metals in the domestic market. But, on Monday, gold slipped from record highs after the statement from US President Donald Trump. Trump said that China has contacted US officials that they want to talk back and they welcomed it.
