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India’s neighboring country China was earlier in the news only because of border disputes. But, these days it is also in discussion due to the increased price of gold. Let us tell you, a big jump was seen in the prices of gold and silver in the country’s capital Delhi on Tuesday.
The price of gold of 99.9 percent purity increased by Rs 820 to reach Rs 79,780 per 10 grams. . At the same time, the price of gold with 99.5 percent purity was recorded at Rs 79,380 per 10 grams. Talking about silver, its price also increased by Rs 1,000 and reached Rs 94,850 per kg.
China is the big reason
You Let us tell you, the Central Bank of China (PBOC) resumed buying gold after a gap of 6 months. In 2023, China made the largest purchase of gold in the world. Experts believe that the purchase of PBOC will increase the demand for gold in China, which will also impact the global market. Experts say that this step is also being linked to the possibility of America increasing tariffs on sugar imports. China can use gold to compensate for the tariffs during the Trump administration.
This price remained on MCX
Local market experts say That the strong trend in the global market and China’s gold purchases have boosted the prices. On the Multi Commodity Exchange (MCX), gold contracts for February delivery rose by Rs 279, or 0.36 per cent, to Rs 77,765 per 10 grams. March delivery contracts of silver fell by Rs 129 to Rs 95,068 per kg.
Rise seen in the international market also
Gold prices fell in the global market too. I was moving fast. Comex gold futures rose by $ 15.20 to reach $ 2,701 an ounce. Gold is also trading at the same level in the international spot market. However, a slight decline was seen in silver and it came down to $ 32.55 an ounce.
Gold prices also increased due to these reasons
Actually, the Federal The bullion market has been supported by the possible cut in interest rates by the Reserve Bank and China’s activism. Apart from this, there may be further changes in the market after the release of non-agricultural productivity data from America. Experts believe that the current conditions can further boost the prices of gold and silver.
