Investors expressed confidence in gold in the international market. Due to which its prices are continuously increasing. The weakening of the dollar is also a sign of its strength.
Gold and silver became expensive
Due to the weakening of the dollar in the international market, the brightness of the yellow metal is constantly increasing. Even today, there was a sharp trend in gold in the global markets. So on Monday, the price of gold rose by Rs. 95 to Rs. 48,015 per ten grams. In such a situation, it is believed that gold can soon cross the 50 thousand mark. In the previous session, gold had closed at Rs 47,920 per ten grams.
The trend of silver was also seen today. 154 rupees was recorded in this. Due to which its price has increased to Rs 70,998 per kg. Silver had closed at Rs 70,844 per kg in the previous trading session.
In the international market, gold remained unchanged at $ 1,882 an ounce, while silver remained almost unchanged at $ 27.67 an ounce. About the rise in gold price, HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices continued to rise for three consecutive weeks. Gold has reached a four-month high due to weakness in the dollar. It can be seen further in the coming times. ”
Similarly, Navneet Damani, vice-president (commodity research), Motilal Oswal Financial Services, said, “The weak dollar and declining yields in the US have raised hopes for investors about precious metals, which has kept gold at a high level.”
Trust lifted from cryptocurrency
Seeing the decline in cryptocurrency, investors are getting confidence from it. Now they want to invest in such a safe metal that does not carry any risk. Due to this, the number of people investing in gold has increased. This is the reason why the price of gold in the international market has risen to a height of about 4 months.
In the international market, spot gold rose 0.2 percent to $ 1,883.21 an ounce, while it rose 0.4 percent to $ 27.64 an ounce.
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