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- 18 June Gold Price ; Today Gold Silver Price Update; Gold Price Rose By Rs 155 To Cross 47,100, Silver Also Became More Expensive By More Than 1%; Know What Should Be The Next Strategy?
Mumbai41 min ago
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Gold prices have risen on Friday after falling in the last two trading sessions. The price of gold for August futures on the Multi Commodity Exchange (MCX) is trading higher by Rs 155 or 0.33% at Rs 47,113. Earlier on June 17, the price of gold had weakened by Rs 1,500 per 10 grams. At the same time, the price of silver has also increased by 1.09% for the July contract.
Prices weakened on Thursday due to the decision of the US Fed Reserve
Gold and silver prices weakened on Thursday as the US Fed Reserve indicated a hike in interest rates in 2023. Due to this the prices of both the precious metals fell in the international market. As a result, gold prices weakened by Rs 1,500 per 10 grams and silver by Rs 3,800 per kg in the domestic market.
Rapid growth in international market
If we talk about the international market, then the prices of gold and silver have increased. The August gold futures contract has reached $ 1774.80 an ounce and the silver July contract has reached $ 25.86. However, Gold has weakened 5% and Silver 6% in the week. During this time, the US dollar has also reached the highest level of two months due to the decision of the Fed Reserve.
In the domestic bullion market, on Thursday, there was a sharp fall in the prices of gold and silver in the Indian market. In the Delhi bullion market, the price of 10 grams of gold fell by Rs 861 to Rs 46,863 per 10 grams and silver by Rs 1,709 to Rs 68,798 per kg.
Gold-Silver strategy for the coming days
Commodities experts believe that gold-silver prices in the coming days will depend on the decision of the US Fed Reserve on interest rates. According to Manoj Kumar Jain, Commodities and Currency Head, Prithvifinmart Commodities Research, the price of gold on MCX will support at Rs 46,660-46,400. Similarly, silver will also support at Rs 67,100-66,600.
He said that investors will be advised to buy at Rs 46,800 per 10, which will target Rs 47,300. Silver will have a target of Rs 67,200 and a target of Rs 68,500.