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Gold Silver Outlook: There were fluctuations in the prices of gold and silver throughout the day and the price of gold appeared to be on the rise. There is a strengthening in the rates of gold and silver in the international market, due to which the domestic prices have also been affected. Gold prices in the country According to the Bullion Market Association, gold of 24 carat purity has gone up to the rate of Rs 76453 per 10 grams in the evening. Whereas 22 carat gold is seen at the price of Rs 76147 per 10 grams in the evening.
Wedding season going on in the country
The wedding season is currently going on in the country and it is estimated that about 48 lakh weddings will take place in this wedding season in November-December. The demand for gold in India increases during the wedding season and after this the price of gold also increases and a jump is seen in the price of silver too. If we look at the international market, if the US dollar weakens then gold prices may rise in December. According to a report on Reuters, gold prices could rise to $2700 an ounce in the short term due to seasonal weakness in the US dollar despite historically weak performance in December. However, further improvement in gold prices is possible in the medium term.
How were the prices of gold and silver on MCX?
The February futures of gold were up by Rs 154 or 0.20 per cent at the rate of Rs 76630 per 10 grams. On MCX itself, the price of silver March futures is seen at Rs 92,800 per kg with a strength of Rs 376 or 0.41 percent. Gold and silver fall less during the fall but when the prices rise, they are seen rising rapidly.
Strength in gold and silver prices in the international market
In the global market, the prices of gold and silver on COMEX are strong and the February futures rates of gold are up by $10.96 at $2659.21 per ounce. Whereas on Comex, silver is trading at $ 31.72 per ounce with an increase of 0.60 percent.
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