Gold price in India broke all records late Monday evening. The price of gold on MCX crossed Rs 64,500. After which the price of gold also crossed the record of 4 December 2023. Gold prices were trading with a rise of around Rs 1000 late on Monday evening. On the other hand, the price of silver is also increasing. According to the data, there was an increase of more than Rs 1300 in the price of silver and the price crossed Rs 73,600. If experts are to be believed, the head of the US Central Bank may announce a cut in interest rates on gold price on Thursday. It is being estimated that the US Federal Reserve will cut interest rates in the month of May. Based on this estimate, there is a rise in the prices of gold and silver. According to experts, the price of gold can go up to Rs 70 thousand by the month of May.
Gold price at record level
There was a rise in the price of gold on India’s futures market Multi Commodity Exchange. During the late evening trading session, the price of gold increased by Rs 1000 per ten grams. After which the price of gold reached Rs 64,575 per ten grams. Which had not arrived even today. At present i.e. at 10:50 pm, a rise of Rs 865 was seen in the price of gold and the price was Rs 64,428. However, today gold prices opened at Rs 63,401 with a fall of about Rs 100. In the last trading session i.e. on Friday, the price was seen at Rs 63,563.
3 months old record destroyed
With this, Gold has broken a three-month old record. Earlier, gold had touched the life time high level on December 4. On that day, the price of gold crossed Rs 64,000 for the first time and reached Rs 64,063 per ten grams. Talking about the current year, an increase of 1.643 percent i.e. Rs 1044 has been seen in the price of gold. On the last trading day of last year, the price of gold was Rs 63,531 per ten grams. If experts are to be believed, there may be further increase in the price of gold in the coming days.
Silver price also increased
On the other hand, a rise in the price of silver is also being seen on the Multi Commodity Exchange. Due to which the price saw an increase of Rs 1345 and reached Rs 73,623 per kg. However, at present the price of gold is increasing by Rs 1282 per kg. Due to which the price is trading at Rs 73,560 per kilogram. However, today silver started with a slight fall at Rs 72,230 per kg. Whereas after the market closed on Friday, it was seen at Rs 72,278 per kg.
American gold and silver prices also increased
Apart from this, there has also been an increase in the prices of American gold and silver. In the Comex market, gold futures are up by $ 29.20 per ounce at $ 2,124.90 per ounce. Whereas the spot price of gold is trading at $ 2,117.58 per ons with an increase of $ 34.66 per ons. If we talk about the price of silver future in Comex market, it is trading at $ 23.97 per ons with an increase of 2.59 percent. Whereas the price of silver smot has increased by 2.81 percent and is trading at $ 23.77 per ons.
Why did the prices of gold and silver rise?
Anuj Gupta, Currency Commodity Head, HDFC Securities, while talking to TV9 Bharatvarsh, said that the trigger for the rise in the prices of gold and silver has come from America. Fed Chairman’s speech is going to be held on Thursday. It is being speculated that Fed Chairman Jerome Powell may announce the date or month of interest rate cut. Anuj Gupta said that it is possible that a reduction in interest rates may be announced in the meeting to be held from April 30 to May 1. Due to which the price of gold and silver is increasing from New York to New York.