New Delhi: On the third trading day of the current week, the bullion market remained bullish. An increase in the prices of both the shiny metals was recorded today. Gold price today recorded a rise of ₹177 per 10 grams. Similarly, silver also registered an increase of ₹229 per kg today. Earlier on Tuesday, the last closing price of gold was ₹57,365 per 10 grams and the last closing price of silver was ₹67,134 per kg.
The US Federal Reserve had indicated a reduction in inflation rates in the US and, consequently, relief in interest rates. Because of this, there was a boom in Wall Street in the last trading session, the price of gold on Comex also showed strength. Along with this, the dollar index also declined. It is believed that the global conditions are continuously becoming favorable for the gold market, due to which an atmosphere of boom has been created in this shiny metal at the international level. The Indian bullion market is also showing a bullish trend on the lines of the international market.
According to the information provided by the Indian Bullion and Jewelers Association (IBJA), the average price of 24 carat (999) gold rose by ₹177 to ₹57,542 per 10 grams (provisional) in the domestic bullion market today.
Bullion market experts believe that the fall in the dollar index is going to have a double impact on the market. Because of this, where the currencies of most countries will have a faster trend than the dollar, there will be a possibility of a rise in the world gold market. There is also a good thing for the gold market that these days the central banks of many countries of the world are busy in strengthening their gold reserves. Because of this, there is an atmosphere of boom in the demand for gold at the international level. If there is no major reversal in the current global situation, then gold in the Indian bullion market can cross the level of ₹60,000 per 10 grams in the coming days.
