In Indian MCX, gold reached the level of 55500 at the bottom and 78900 at the top and after touching the minimum price of Rs 62000 and Rs 100000 per kg, silver is now trading around 97000. According to experts of five big Indian broking houses, by next Diwali, the price of gold can reach 85000 to 86000 and the price of silver can reach 110000 to 120000.
Due to continuous strength in the international bullion market, gold prices continued to improve in Indore market on Wednesday. On Wednesday, Gold Cadbury improved to Rs 81500 per ten grams. There was a partial softening in the prices of silver due to some halt in buying at higher prices.
Silver Chaurasa, which had reached Rs 99,000 on Tuesday night, partially declined to Rs 98,500 per kg on Wednesday. Bullion businessman Nilesh Sarda said that gold and silver gave excellent returns from last Diwali to this Diwali, this year silver has given 36 percent return and gold has given 30 percent return.
Talking about foreign markets, from last Diwali to this Diwali, in the last one year, silver has increased by 2100 cents at the bottom and 3500 cents at the top. Gold touched the lowest level of $ 1810 and the highest level of $ 2700.
Reasons like Russia Ukraine war, Fed interest rate cut, continuous purchases by Central Banks and Israel Hamas war are supporting the prices of gold and silver. Considering these conditions, investment in gold and silver is considered better. It is noteworthy that some experts also believe that gold and silver remain at their high levels.
In such a situation, instead of buying immediately, one should gradually invest in gold and silver at different levels like SIP. Experts also believe that gold and silver are bullish in their roots but 1 to 2 percent correction is expected before the next rise.
Gold futures on Comex were seen trading at $ 2789 per ounce after going up to $ 2778 and then at $ 2772 per ounce and after going up to $ 34.03, silver was seen trading at $ 34.51 and then at $ 33.98 per ounce.
Closing prices of Indore – Gold Cadbury Rava was quoted in cash at Rs 81500 (RTGS) 81500 Gold (91.60 carat) (RTGS) Rs 74400 per ten grams. On Tuesday, gold had closed at Rs 81000. Silver Chaurasa was sold in cash at Rs 98300, Silver Chaurasa (RTGS) at Rs 99000, Silver Tunch was sold at Rs 99300 per kg and Silver Coin was sold at Rs 1150 per piece. On Tuesday, Chandi Chaurasa Cash had closed at Rs 99000.
