After the decision of the Federal Reserve, it is believed that the bullish phase of gold and silver prices may return in the coming time. In August last year, gold prices reached a record high during Corona.
On Thursday, gold was costlier by Rs 56 in Delhi bullion market (Gold price today).
The effect of the rise in the prices of gold and silver in the foreign markets was also seen in the domestic market today i.e. in Thursday’s trading session. Gold prices on Thursday rose by Rs 56 to Rs 47,966 per 10 grams in the local futures market as speculators created fresh positions on firm spot demand.
On the Multi Commodity Exchange, gold for delivery in August rose by Rs 56, or 0.12 per cent, to Rs 47,966 per 10 grams. It had a business turnover of 10,063 lots.
Why was the market booming
Market analysts said buying in fresh positions by participants led to gains in gold futures. Globally, gold prices rose 0.33 per cent to $1,808 an ounce in New York.
Silver rises by Rs 162
Silver prices on Thursday rose by Rs 162 to Rs 69,527 per kg in futures trade as participants increased their positions amid strong spot demand. Silver futures for delivery in September at the Multi Commodity Exchange traded at Rs 162. That is, it rose by 0.23 percent to Rs 69,527 per kg. The futures contract was traded for 10,862 lots.
Growth in global market
Market analysts said buying of fresh positions by participants led to a rise in silver prices at futures trade due to a rise in silver prices in the domestic market. Globally, silver prices rose by 0.25 per cent to USD 26.20 in New York. Ounce done. There has been a period of continuous fluctuations in the prices of gold. At the same time, after the decision of the Federal Reserve, it is believed that in the coming times, the bullish phase of gold and silver prices may return. In August last year, gold prices reached a record high during Corona. Since then, gold prices have become cheaper by about Rs 8000. But now it is expected that there can be a strong boom in it again.
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