Gold Prices Jump In The Festive Season, The Price Reached The Highest Level In A Month

As the festival of Diwali and Dhanteras is approaching, the prices of gold and silver have started increasing. On Tuesday, there was a lot of volatility in the prices of gold and silver in the Indian markets. On the Multi Commodity Exchange (MCX), gold rose 0.5 percent to Rs 47,546 per 10 grams, its highest in a month. On the other hand, silver also rose 1.4% to Rs 64,150 per kg. Among other metals, spot silver rose 2.6% to $23.76 an ounce, while platinum rose 1.5% to $1,051.47 an ounce. On the other hand, the dollar index fell 0.3 percent to 93.653 on Tuesday.

Gold is also seeing a jump this week due to the weakening of the US dollar index and the softening of US bond yields. In the global market too, gold prices on Tuesday rose 0.98% to $1,783 an ounce. On the other hand, silver rose by 2.09 percent to USD 23.75 an ounce. Gold prices have strengthened in the last week. Let us inform you that on Monday this week, gold had reached Rs 46,306 per 10 grams in the domestic market. And in the previous trading session, gold had closed at Rs 46,269 per 10 grams. Silver also closed higher by Rs 323 at Rs 62,328 per kg. In its previous trading session, it had closed at Rs 62,005 per kg. That is, the prices of both are increasing daily.

According to experts, a fall in US bond yields and a weakness in the dollar are leading to a rise in gold prices. On the other hand, raising fears of inflation may support gold and silver prices in the short term. However, buying of fresh positions by the traders also pushed up the gold futures prices. On the other hand, buying of fresh positions by traders following a bullish trend in the domestic market led to a rise in silver futures prices.