Gold is continuously rising. The price of gold on MCX also saw a record rise on Wednesday. In early trade, the yellow metal reached a record level of ₹ 76,000. The strength of bullion in the international market is the main reason behind this increase. In early trade on Wednesday, gold was trading 0.20% higher at ₹ 75,150 per 10 grams on MCX. According to Livemint news, the price of silver fell 0.18% to ₹ 92,230 per kg. According to a Reuters report, gold prices in the international market also reached a record high after jumping more than 1% in the previous session, as weak US data fueled the demand for further rate cuts.
Silver nears four-month high
According to the news, silver rose to a four-month high amid weakness in the US dollar, rising geopolitical tensions and interest rate cuts in China. Silver had risen 4.6% on Tuesday, its biggest daily gain in four months. Gold prices rose 0.3% to above $2,665 an ounce, higher than its previous all-time high recorded on Tuesday.
Gold may reach ₹ 80,000
Gold prices on MCX have reached unprecedented levels, rising above ₹75,000 for the first time, registering a significant gain of 4.74% in September alone. Rising geopolitical tensions in the Middle East and weak US data are strengthening the case for further interest rate cuts by the US Federal Reserve, which are the key factors supporting gold prices. Analysts believe that with several factors fuelling this bullish momentum, MCX gold prices could reach ₹79,000 to ₹80,000 per 10 gram levels by the end of the year.
There are expectations from the festival and wedding season in India
There can be a rise in the demand for gold in India again. Because in the coming months, the festive season will be at its peak and there will also be the wedding season. In such a situation, there can be a huge change in both the price and demand of gold and silver in the domestic market. In India, the trend of gold consumption is between 700-1000 tonnes annually.
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