Today i.e. on 18th October, a rise was seen in the prices of gold and silver. According to the website of India Bullion and Jewelers Association (IBJA), the price of 24 carat gold in the bullion market rose by Rs 557 to Rs 59,840 per 10 grams.
An increase of Rs 1351 has also been seen in silver today. It has reached Rs 72,197 per kg. Earlier it was at Rs 70,846. According to experts, further increase in the prices of both gold and silver may be seen in the coming days.
So far this month, gold has become costlier by more than Rs 2100.
An increase of Rs 2121 has been seen in the price of gold in the month of October. At the beginning of this month i.e. on October 1, it was at Rs 57,719 per 10 grams, which is now at Rs 59,840. Whereas silver has reached Rs 72,197 from Rs 71,603 per kg.
Major reasons for rise in gold prices
Navratri has started from Sunday. With this, auspicious time for investment and shopping has started.
The market feels that interest rates in America will stop rising now. This is a positive sign for gold.
Investment in gold has started increasing due to falling bond yields, stoppage of rise in dollar and Israel-Palestine war.
The prices of gold and silver are likely to continue rising in the international and domestic markets as well. Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said that bond yields are decreasing in the international market and the dollar is weakening.
Apart from this, demand for festivals will increase in the domestic market. After this the wedding season will start. In such a situation, increase in demand will affect the prices. Due to this, gold can go up to 60 thousand and silver up to 73 thousand by Diwali. This will continue to support gold.