Record rise in gold and silver: Prices jump from Indian markets to New York
For the last two days, there has been a huge jump in the prices of gold and silver in the Indian and international markets. On the Multi Commodity Exchange (MCX), the price of gold has increased by Rs 1,500 per 10 grams, while silver has crossed Rs 91,000 per kg. This rise in prices is being seen due to the fall in the dollar index and the wedding season.
Arpit Shakya 
INDC Network : Business : Gold and silver hit record highs: Prices jump from Indian markets to New York
Gold prices rose for the second day in a row
Gold prices are touching new highs for the second day in a row in the Indian market. On Monday and Tuesday, gold prices on the Multi Commodity Exchange (MCX) had increased by more than Rs 1,500 till 10 am.
According to data, gold opened at Rs 75,200 per 10 grams on Tuesday at 9 am. Gold prices touched an all-time high of Rs 75,450 during the trading session. Gold was at Rs 75,047 per 10 grams at the market close on the last trading day (Monday). At the end of last week, this price was Rs 73,946, which has seen a total increase of Rs 1,504 so far.
Silver hit a record high, crossing Rs 91,000
There was also a sharp rise in the prices of silver. On MCX, silver was trading at Rs 90,986 per kg, up by Rs 473 at 10:20 am on Tuesday. After this, silver reached the highest level of Rs 91,100 in the trading session.
Silver price was Rs 90,513 at market close on Monday, compared to Rs 88,421 on the last trading day of last week. During this time, silver has increased by a total of 2,679 rupees per kg.
The shine of gold and silver in foreign markets
Gold and silver prices are also increasing in the international markets. Gold futures on the Comex market in New York are trading at $2,627.30 an ounce, up $12. At the same time, gold spot is at 2,623.32 dollars per ounce with an increase of 11.49 dollars.
As for silver, Comex silver futures rose 0.66% to $31.43 an ounce and silver spot rose 0.58% to $31.35 an ounce.
Impact of decline in dollar index
The main reason for the rise in gold and silver prices in the international market is the fall in the dollar index. Currently, the dollar index is trading at the level of 106.23. It fell as low as 106.12 during trading.
The decline in the dollar index has had a direct impact on gold prices, which has once again increased the interest of investors in gold.
The demand for gold in the Indian market has increased
The wedding season is the main reason for the increase in demand for gold in the Indian market. Experts say that the interest of customers and investors has increased after gold prices at the local level fell below record levels.
What will happen next?
According to experts, the prices of gold and silver may fluctuate in the coming days. This trend will continue based on the dollar index and demand for gold.
