The prices of both gold and silver rose on the Multi Commodity Exchange (MCX) on Tuesday. Gold futures maturing on October 4, 2024 rose by Rs 274 or 0.37 per cent to Rs 74,569 per 10 gram on MCX. The previous close price was recorded at Rs 74,295. Meanwhile, silver futures maturing on September 5, 2024 witnessed a marginal rise of Rs 881 or 0.99 per cent and retailed at Rs 90,112 per kg against its previous close price of Rs 89,231 on MCX.
Due to these reasons the price of gold is rising
According to the news, gold prices remain high due to expectations of continued interest rate cuts by the US Fed this year and tensions in West Asia. International spot gold rose after hitting a record high of $ 2,635.29 on Monday. Gold Stability was observed in the prices of gold. However, the prices of gold and silver in India depend on many factors. These include the value of rupee against the dollar. Global demand also plays an important role in the prices of precious metals.
After the 50 basis point cut on September 18, expectations have risen that the US Fed may cut rates by another 50-75 basis points by the end of this year. Comments by Fed officials have reinforced the belief that the central bank is increasingly focused on supporting the economy.
23 September quote
According to MCX, gold closed at a highest level of Rs 74,152.00 on 23 September 2024, up 0.59 per cent from the previous day. Gold prices in the spot market have seen a gain of 17.51 per cent since the beginning of this year.
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