(file photo)
Highlights
Gold and silver prices increased in the international market. Gold reached Rs 71900 and silver reached Rs 82600 in Indore. Gold and silver are close to reaching record highs on Comex.
Naiduniya Representative, Indore. The first trading day of the week brought a rise in the international bullion futures market. Improvement was seen in the prices of gold and silver. Gold has again reached near record highs. Gold was seen trading at $ 2445 per ounce and silver at $ 27.99 per ounce on Comex. Due to this, the rise in the prices of gold and silver continued in the Indian markets as well.
Gold and Silver Rate in Indore
In Indore, gold Cadbury cash rose by Rs 200 to Rs 71900 per 10 grams and silver Chaursa rose by Rs 700 to Rs 82600 per kg. Gold witnessed fluctuations last week. Silver was seen declining, but now the demand for safe haven amid concerns of a major war in the Middle East and Ukraine launching an aggressive campaign against Russia is again strengthening gold.
gold rate on comex
If gold rises by another $50 on Comex, it will reach record prices. However, the market is a little stagnant right now, waiting for the Consumer Price Index inflation data coming from the US. Inflation is expected to come down slightly in the July data, which will give the Federal Reserve more confidence to start cutting interest rates.
Low interest rates are good for gold
Traders are divided on whether the central bank will cut interest rates by 25 or 50 basis points in September. Low interest rates are considered good for gold. Gold futures on Comex were seen trading at $2,445 after rising to $2,342 and then down to $2,323 an ounce, while silver was seen trading at $27.99 after rising to $27.94 and then down to $27.21 an ounce.
Indore closing price
Gold Cadbury Rava was quoted at Rs 71900 in cash, Gold (RTGS) Rs 71650 Gold (91.60 carat) (RTGS) Rs 65600 per 10 gram. On Saturday, gold had closed at Rs 71700. Silver Chaursa Cash 82600 Silver Chaursa (RTGS) 82500 Silver Tanchi was sold at Rs 82700 per kg and Silver coin at Rs 950 per piece. On Saturday, Silver Chaursa Cash closed at Rs 81900.