On Thursday morning, there was a change in the prices of gold and silver. While gold has become expensive due to increase in demand, the price of silver has come down. On the Multicommodity Exchange (MCX), the futures price of 24 carat purity gold has increased by Rs 25 to Rs 50,847 per 10 grams this morning.
Earlier, trading in gold started at Rs 50,939 level, but soon its price rose by 0.05 % to 50,848 due to low buying and demand.
Read | Gold and silver price on May 10: Gold declines by Rs 115, silver gains Rs 214
Silver prices fall
On MCX this morning, silver prices showed a decline in contrast to gold. Silver slipped by Rs 351 to Rs 60,401 per kg in morning trade. Earlier, trading in silver started at the level of Rs 60,550 per kg, but soon it slipped 0.58% to the level of Rs 60,401.
Boom in global market
There is a jump in the prices of gold and silver in the global market today. In the US market this morning, the spot price of gold was up 0.2% to USD 1,855.11 an ounce, while the spot price of silver was up 0.1% to USD 21.57 an ounce. In the last trading session, the price of gold had risen by about 1%. In the global market, the price of platinum has come down by 0.2% to USD 990.64 an ounce.
Fluctuations in prices
The US released inflation data late Wednesday evening, which stood at 8.3% in April. Although this is the lowest level of inflation since August 2021, but it is much higher than the economist's estimates. Seeing the level of inflation up, investors have been apprehensive that the Fed may increase interest rates even further.
Due to this fear, investors are taking their money out of the market and investing it in gold, because the yellow metal is considered a haven asset for investment. Earlier, the Fed Reserve raised its interest rates by 0.50% in early May. Along with this, indications were also given to increase further in the future. This increase in interest rates is the highest in 22-year history of the United States.
(With Agency Inputs)
