The price of precious metals is rising in the domestic market today on Wednesday. In futures trading on MCX, the prices of both precious metals, gold and silver, are rising in early trade.
Gold and silver prices on MCX
At 10:20 am on MCX, the gold futures contract for delivery on October 4 was witnessing a rise of about 0.20 percent. In the futures market, gold was trading at Rs 72,059 per 10 grams in the morning. Similarly, the silver futures contract for delivery on December 5 was also being quoted strongly at Rs 84,107 per kg in the initial session.
Because of this the prices have increased today
The price of both precious metals has increased in the domestic market at a time when their prices have also increased in the foreign market. Foreign signals are being mainly considered responsible for the rise in early trade today. Actually, retail inflation data is going to be released in the US. Before that, in view of the uncertainty in the market, big investors are buying gold and silver as a safe investment, due to which the prices have increased.
Gold and silver in foreign market today
On the Commodity Exchange Center i.e. Comex, gold futures (December 2024 contract) were trading at $ 2,548.30 an ounce with a gain of 0.20 percent. Similarly, silver (Silver Comex December 2024 contract) was trading at $ 28.785 with a gain of 0.60 percent.
Gold Price Today in major cities:
- Bengaluru: Rs 73,519 per 10 grams
- Chennai: Rs 73,806 per 10 grams
- Delhi: Rs 73,519 per 10 grams
- Kolkata: Rs 73,375 per 10 grams
- Mumbai: Rs 73,447 per 10 grams
- Pune: Rs 73,231 per 10 grams
Silver Price Today in major cities:
- Chennai: Rs 91,100 per kg
- Mumbai: Rs 86,100 per kg
- Delhi: Rs 86,100 per kg
- Kolkata: Rs 86,100 per kg
- Patna: Rs 86,000 per kilogram
Prices are expected to remain strong going forward
Analysts believe that the price of precious metals (gold and silver) may remain high in the coming days. The Federal Reserve in the US may cut interest rates in the coming days, which may benefit bullion. New demand may emerge in the domestic market in the coming days due to the start of the wedding season.
Also read: Gold’s shine started increasing again, West Asia gave it strength, government may increase the price further
