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In the latest news from America, gold and silver prices have surged, with gold nearing the 67,000 mark. Why this sudden uptick? Well, on Wednesday, after setting a new record, gold prices soared to all-time highs once again. This surge follows the Federal Reserve's decision to maintain interest rates at previous levels during their meeting and the promise of relief in the near future. Currently, interest rates in the US remain steady at 5.3%, a level unchanged since July 2023.
Gold has surged by over a thousand rupees.
The impact of the Fed's announcement was evident on the Multi Commodity Exchange (MCX), where gold rose by over a thousand rupees. Additionally, silver saw an uptick of around 3000 rupees. On Thursday morning (March 21), gold opened at 66,100 rupees per 10 grams, compared to its previous close of 65,750 rupees. It further surged to an intraday high of 66,778 rupees. Silver also experienced significant gains on the MCX. While it opened at 75,915 rupees, compared to its previous close of 75,313 rupees, it climbed to a high of 78,323 rupees, marking a 3000-rupee increase during intraday trading. Subsequently, silver maintained a trend, with an additional increase of 1237 rupees. The gold rate on the MCX is currently at an all-time high.
Rapid growth in the bullion market by 1300 rupees.
Apart from the MCX, the bullion market also witnessed a rapid increase in gold and silver prices. In the bullion market, gold prices surged by approximately 1300 rupees compared to the previous day's close, reaching 66,998 rupees for 24-carat gold per 10 grams. Similarly, silver surged by 1500 rupees, reaching 75,448 rupees per kilo. 23-carat gold was observed at 66,700 rupees per 10 grams, while 22-carat gold was seen at 61,342 rupees per 10 grams.
Gold at an all-time high.
Earlier, the gold rate in the bullion market had set a new record on Wednesday, reaching 65,795 rupees per 10 grams. In the international market, the price of gold continues to rise above $2200 per ounce. At the close of the bullion market on Wednesday evening, the gold rate saw a slight decline to 65,689 rupees per 10 grams, with 23-carat gold at 65,426 rupees and 22-carat gold at 60,171 rupees per 10 grams.
Why the continuous rise in gold and silver?
The guidance issued during the Federal Reserve meeting regarding the cut in interest rates is cited as the reason behind the surge in gold and silver prices. It's been suggested that interest rates will be cut three times by the end of 2024. Consequently, the yield on 10-year government bonds and the dollar index have both decreased. On the other hand, amidst the fluctuations in the stock market, there has been an increased demand for gold.