If you are thinking of buying jewellery for the upcoming festive season then it is a bad news for you. Indeed, the prices of gold and silver have increased. On Friday, the value of gold crossed the level of 35 thousand 400 rupees per 10 grams. This is the highest level of gold prices. Never before did such a big boost in the price of gold was found. At the same time, silver prices have also reached a high of last year.
Gold has remained bullish on the Multi Commodity Exchange (MCX) since last three days. Under this, the price of gold in the early trading of Friday reached Rs 35,409 per 10 gram. Earlier, the price of gold was at Rs 35,321 per 10 grams. Gold is the highest level of gold ever on MCX. On the other hand, silver is on the rise for the past one week. Silver prices on MCX are at the highest level since June 15, 2018.
Will Gold Price Increase further?
The rise in gold prices can continue even further. According to Ajay Kedia, director of Kedia Commodity, gold prices may soon touch the level of Rs 36,000 per 10 grams. Kedia said that due to the indication of interest rates cut by the US Central Bank, there is a weakness in the dollar, which offers support for gold and silver prices.
At the same time, increasing the tension between Iran and the US, investors’ trends have increased in the form of safe investment equipment. He said that gold and silver traders have become the preferred investment tool for investors. According to the World Gold Council latest report, last month, ETF Gold Holdings has increased by 127 tonnes in the world. He said that even the weakness in the domestic stock market has increased the demand for investors towards gold.