Gold Price: Gold became cheaper by Rs 2,000 in the last three months, due to increase in demand in the festive season, prices may increase

Gold prices have risen on Friday due to the rise in global prices of the precious metals.

Gold prices have risen on Friday due to the rise in global prices of the precious metals. MCX Gold futures rose by 0.23 per cent to Rs 50,300 per 10 grams. But during the July-September quarter, it has seen a fall of Rs 2,000 so far. Silver prices today rose by 1.3 per cent to Rs 56,898 per kg.

Today’s rise in the international market

Gold prices have increased in the international market today. Spot gold prices have risen 0.7 percent to $ 1,671.68, behind which the weakness in the US dollar has been the reason. On a quarterly basis, gold declined 7.4 per cent, its worst performance since the first quarter of 2021. At the same time, the dollar index, which had risen to a 20-year high during the week before, has fallen to a one-week low, which makes gold less expensive for buyers of other currencies.

At the same time, the price of spot silver has risen 1.6 percent to $ 19.12 an ounce. Whereas, Platinum is present at $874.26 with a jump of 1.1 percent.

What do experts say?

According to experts, Comax Gold is trading with a bullish trend on the basis of weak US Dollar Index and strong Treasury Yields. Gold fell in a week to its lowest level in more than two years, when the dollar hit its highest level in two decades. However, the dollar has declined sharply in the last two sessions, which has seen a further jump in gold. He said he expects gold prices to rise as the market is cautious ahead of Europe’s inflation data.

If the experts are to be believed, there is no sign of much fall in the price of gold and only an increase in the prices will be seen in the coming time. Anuj Gupta, Vice President, IIFL Securities, believes that the demand for gold may increase in Diwali and the wedding season that follows, which will also lead to an increase in the price of gold. However, Anuj believes that there is no possibility of further increase in prices, because this time the effect of monsoon on the agri sector has not been very good.