Gold Rate Hike: Gold opened with gains in the first trading session of the week amid increasing global tension due to political turmoil in Syria. On Multi Commodity Exchange MCX, gold has risen by Rs 182 per gram to Rs 76,801 per 10 grams, which had closed at Rs 76,619 per 10 grams in the last closing session. That means, in today’s session, an increase of 0.23 percent or Rs 182 has been seen in the prices of gold.
Gold rises but silver softens
While gold prices are rising, silver is trading with a decline. Silver fell by Rs 448 or 0.45 percent to Rs 92023 per kg on MCX. In the last session, silver had closed at Rs 92,448 per kg. The rise in gold has come due to global deficit and is also being seen due to expectations of a quarter percent cut in interest rates by the US Federal Reserve on December 18, 2024.
Gold’s shine expected to increase due to cut in interest rates
This week, retail inflation rate data will be released in India on December 12, 2024, while inflation rate data will be declared in America on Wednesday, December 11, 2024. There are expectations of the Federal Reserve cutting interest rates in America, due to which further rise in gold prices is expected in the coming days. On top of that, the incident in Syria can also boost gold prices.
Rise in gold prices possible due to global situation
On Sunday, December 8, 2024, rebels in Syria captured the capital Damascus and ousted Syrian President Bashar al-Assad from power. After 13 years of civil war, Bashar al-Assad had to flee to Russia. The Assad family has been ruling there for the last six decades. On the other hand, due to political instability in France and the ongoing war between Russia and Ukraine, gold may continue to rise in the coming days.
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