May 2 (Punjab Khabarnama) : Business Desk: After the fall in the prices of gold and silver, an increase in their prices was seen again on Thursday. There has been a rise in gold and silver prices in the Indian futures market. Gold opened at 71,120 on Multi Commodity Exchange (MCX). Around 10:20 am, a rise of about Rs 400 was visible and the metal was trading at Rs 71,118. The previous closing was at 70,725. Silver is up by Rs 175 at Rs 80,045 per kg. Silver closed at 79,870 on Tuesday.
Why did the prices of gold and silver rise?
There has been no change in US interest rates. The Monetary Policy Committee of the Federal Reserve Bank has kept interest rates stable for the seventh consecutive time in its meeting. However, the Fed has now raised the possibility of a rate cut at the end of the year. Meanwhile, gold prices have registered a rise in international markets for the second consecutive day. US spot gold was up 0.3% at $2325 an ounce. In the last session it had gone up by 1%. US gold futures were also up 1% at $2,334 an ounce.
However, the reason for this rise in gold is still being considered by the Fed to reduce the possibility of a rate cut. Bullion prices go up in low interest rates. Due to this, there is improvement in sentiment regarding gold.
Gold and silver prices in bullion market
If we talk about Delhi bullion market, a decline was recorded in metals on Tuesday. In the capital’s bullion market, gold fell by Rs 150 to Rs 72,600 per 10 grams. The price of silver also fell by Rs 750 to Rs 83,750 per kg.
