Gold prices are showing no signs of slowing down in the month of March. All the countries of the world are having sleepless nights. Those investing in gold are jumping with joy. In fact, due to the good news from America, the price of gold has seen a rise of about Rs 1000 on Thursday, after which the prices of gold have once again reached a record high.
A good news came from America and a tremendous rise was seen in the bullion market on Thursday. In fact, on Thursday, a rise of more than Rs 1000 was seen in gold and silver. The reason for the sharp rise in the rates of both on March 21 is the news from America. The US Federal Reserve has maintained its guidance of cutting interest rates three times by the end of 2024. As a result, gold rates not only on MCX but also on COMEX have reached new record highs. Gold price on MCX is trading at a new record high with a strength of around Rs 979. At the same time, the price of 10 grams of gold reached Rs 66701. The price even reached Rs 66778 in early trading, which is the most expensive rate till date.
Apart from gold, the price of silver also rose to Rs 1130 on Thursday. With a rise of more than Rs 1000, silver is trading at Rs 76445 per kg. The price even reached Rs 78323 in early trade. Let us tell you that the all time high level of silver is Rs 79566 per kg.
What is the situation on COMEX?
There is a tremendous rise in the prices of gold and silver on COMEX. On COMEX, gold was trading above $ 2200 per ons, which even reached $ 2224 in early trade. This gold rate is a new all time high. Silver also reached record high with a strength of 3%.
impact of american news
The main reason for the enthusiasm in the bullion market is the guidance on rate cut in the Fed policy. Under this, it has been said that there will be 3 cuts in interest rates by the end of 2024. Due to this, the 10-year government bond yield and dollar index came down. Also the demand for gold increased, which is a safe investment.
Dollar index declined
On the other hand, after the decision of the Federal Reserve on Wednesday, the dollar index fell sharply, which helped the commodity prices. Powell also indicated strength in the US economy, which is a positive outlook for oil demand. Brent oil futures expiring in May rose 0.5% to $86.41 a barrel, while WTI crude futures rose 0.5% to $81.15 a barrel.