Gold Price Today: Surge of ₹235 in Gold, Silver Jumps ₹1,500
Gold Price Today Surge: Gold has increased by Rs 235, reaching Rs 90,685 per 10 grams. Silver also saw a sharp rise of Rs 1,500, reaching Rs 1,01,500 per kilogram.
Wednesday saw an increase in gold prices following four days of declines. The All India Sarafa Association reports that the cost of gold increased by Rs 235, to Rs 90,685 per 10 kilos.
The price of 10 grams of 99.9% pure gold closed at Rs 90,450 on Tuesday. The price of silver increased by Rs 1,500 as well, to Rs 1,01,500 per kilogram.
Reasons Behind the Surge in Gold and Silver Prices
Analysts indicate that the rise in gold prices is primarily due to renewed interest from retail investors and encouraging trends in international markets.
After a recent drop, there has been a boost in buying from investors, which has pushed prices upward. In the global market,The market priced gold at $3,024.96 per ounce, reflecting a 0.16% increase.
Meanwhile, gold futures for April delivery on Comex were approximately $3,059.10 per ounce.
Rupee Weakness and Rising Crude Oil Prices
LKP Securities Vice President (Research Analyst – Commodity and Currency) Jatin Trivedi mentioned that market participants are keeping a close eye on important economic indicators such as US GDP, Core Personal Consumption Expenditures (PCE), and the Price Index, which are due to be announced this week.
He noted, “The rupee has decreased by 0.16, currently trading at 85.71. The dollar index has risen significantly over the last two days, which is putting pressure on the rupee.”
“Furthermore, increasing crude oil prices and profit-taking in the capital markets have also contributed to the rupee’s decline. In the short term, it is anticipated that the rupee will fluctuate between 85.25 and 86.25.”
Impact of Russia-Ukraine Conflict and US Fed Monitoring
Trivedi added that the current conflict between Russia and Ukraine has raised interest in gold as a secure investment.
Investors are also closely monitoring members of the Federal Open Market Committee (FOMC) made remarks, which could offer further information about future interest rate choices and the strategy of the bullion market, said Kainat Chainwala, AVP (Commodity Research) at Kotak Securities.
Disclaimer:
This article provides information for informational purposes only and does not constitute financial or investment advice.
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