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New Delhi: Gold and silver prices are constantly skyrocketing. Since the last four days, the rates of precious metals have been recording a tremendous surge. On the 17th of October, gold jumped by Rs 1,772 to Rs 1,31,624 per 10 grams on the Multi Commodity Exchange i.e. MCX. At the same time, silver also broke all records. It jumped by Rs Rs 1,472 to Rs 1,69,135 per kg.
The rise of gold was not only limited to the Indian market, as it surged at the international level too. It gained 4.20 percent, which brought spot gold to $4,364 per ounce.
If you look at the retail level, Tanishq's website recorded the price of 24 karat gold at Rs 1,29,870 per 10 grams on today. Since 15th October, its prices are stable, there has been no change. If we talk about 22 carat gold, it is available at Rs 1,19,050 per 10 grams.
If you look at the price of silver at the retail level, according to the bullion website today, the white metal is priced at Rs 1,70,150 per kg. Today, silver jumped Rs 2,230.
In the international market, gold seems to be ready for the most spectacular rally since 2008 this week. US-China trade tensions and expectations of further rate cuts by the US Fed have given the yellow metal a rocket speed. The weakness of the dollar is the main reason for this rise. The dollar index slipped 0.20%, which made gold cheaper in foreign currencies and increased demand. In India too, the demand for gold is skyrocketing. Experts believe that buyers are afraid that the prices will go up further, so there is a competition to buy gold.
