Friday, Jun 02, 2023 | New Delhi 31*C

A decision from Europe boosted gold-silver, with gold nearing 73,000 and silver nearing 92,000.

From New York to New Delhi, there was a tremendous surge in gold and silver prices. The increase is actually due to the European Central Bank cutting interest rates and falling US bond yields.
1 Month ago

From New York to New Delhi, there was a tremendous surge in gold and silver prices. The increase is actually due to the European Central Bank cutting interest rates and falling US bond yields.

Due to this increase, the price of gold in Delhi has reached close to 73 thousand rupees on Thursday. On the other hand, the price of silver has also reached close to Rs 92 thousand. The price of gold in foreign markets has reached close to 2400 dollars. At the same time, silver prices are witnessing an increase of over 4 percent.

Gold-silver surge due to Europe's historic decision

Gold rose by Rs 680 to Rs 73,500 per 10 grams at the national capital Delhi's bullion market on Thursday. Gold closed at Rs 72,820 per 10 grams in the last trading session. Silver price has also increased by Rs 1,400 to Rs 93,300 per kg.

It closed at Rs 91,900 per kg in the last trading session. Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, said gold (24 carat) in the Delhi market rose by Rs 680 to Rs 73,500 per 10 grams amid signs of a bullish trend in overseas markets. Gandhi said gold prices were boosted by falling US bond yields and mixed US macroeconomic data. The European Central Bank may cut interest rates at its monetary policy meeting on Thursday which could support gold prices.

Increase in gold and silver prices in foreign markets

Gold futures on the Comex market in New York are trading up $16 an ounce at $2,391.60. At the same time, gold spot prices are trading at $2,369.47, up $14 an ounce. On the other hand, the price of silver is also increasing. According to the data, silver futures were trading at $31.43 an ounce, up 4.51 percent. Silver is trading at $31.22 an ounce, up 4 percent. According to experts, gold and silver prices may increase in the coming days.

Gold and Silver Prices on MCX

Gold and silver prices closed flat on Thursday at the Multi Commodity Exchange. Gold prices fell marginally by Rs 8 to close at Rs 73,123 per ten gram, while gold opened at Rs 72,879. Gold touched an intraday high of Rs 73308 during the trading session.

Silver, on the other hand, closed at Rs.93823 with a marginal rise of Rs.7. During the trading session silver price also touched the day's high of Rs 93900. However, silver opened at Rs.90839.

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