Gold Price Today: The cost of gold and silver increased by ₹ 861. Find out the current price of 24 carat gold

 Gold Price Today: The cost of gold and silver increased by ₹ 861. Find out the current price of 24 carat gold

Gold Price Today: The cost of gold and silver has gone up by more than Rs 850 this week. Find out the current 24 carat gold price as well as the future elements influencing the price.

Gold Price Today: The decline in the US dollar index and bond rates this week has supported the price of gold and silver. On the local market, gold saw a 762-rupe closing at Rs 62954 per ten kilos on the MCX. Silver ended at Rs 75386 per kilogram, up Rs 861. The spot price of gold on the international market finished at Rs 2053 per ounce.

closing price in the bullion market for gold and silver

On Friday, there was an increase of Rs 300 in gold and Rs 400 in silver here at the Delhi bullion market. This increase caused gold to close at Rs 63350 per 10 kilos. The closing price of silver was Rs 79500 per kilogram. According to Saumil Gandhi, a commodities analyst at HDFC Securities, there was a downturn in the US GDP growth in Q3, which led to further pressure on the dollar index and an upward trend in gold and silver prices.

The cost of 24 carat gold

Based on the data accessible on the IBJA website, i.e. According to the Indian Bullion Jewelers Association, the price of a gram of 24 carat gold ended this week at Rs 6284. The cost of a 22-carat piece was Rs 6134, a 20-carat piece was Rs 5593, an 18-carat piece was Rs 5090, and a 14-carat piece was Rs 4053. Making charges and the 3% GST are not included in this.

Bond yield and the dollar index's impact on pricing

The US dollar index and bond rates have the opposite effects on the price of gold and silver. There will be pressure on prices if the dollar index rises, and prices for gold and silver will rise if the index falls. After growing by 2.9% in October, American personal consumption spending increased by 2.6% annually in November. The fact that this was less than anticipated adds credence to the theory that the Federal Reserve will refrain from raising interest rates any more. The price of gold and silver will be supported by this.

What elements will influence silver and gold in 2024?

According to Motilal Oswal's study, the price of gold is expected to increase by 13–15% by 2023. When discussing the prognosis for 2024, variables such as bond rates, the dollar index, and monetary policy will be crucial. Prices will be pressured if the Fed does not lower interest rates as anticipated by the market. On the other side, the demand for gold and silver will be supported and prices will climb due to factors such as the geopolitical environment, the dollar index's weakening, interest rate cuts, and pressure on the growth rate.