On Tuesday, gold prices rose to Rs 52,000 from Rs 51,160 per 52 grams, according to information reported by the Good Return website. Whereas silver rose to Rs 64,700 from Rs 61,210 per kg and the rate in Mumbai was Rs 50,650. The price of 24-carat gold in Chennai was Rs 54,300.
The price of 22-carat gold in New Delhi went up to Rs 50,800 per 10 grams and in Chennai to Rs 49,780.
India is the largest importer of gold that meets the demand of the jewelry industry. And a country like India imports 700-800 tonnes of gold annually. Prices of gold jewelry are the second-largest consumer of metal across India due to duty and state tax.
MCX said in a statement, they decided that it accepts refined gold and silver troubles for distribution to domestic refineries, as well as subject to final regulatory approval. He said August futures on MCX rose 2.09 percent to Rs 52,101 per 10 grams and silver futures to September futures were quoted at Rs 65,528 per kg. MCX also received SEBI approval for the launch of Gold Mini options with Gold Mini (100g) bars. New Zealand has suspended its extradition treaty with Hong Kong
It is believed that after 11 years, the rate increase of gold and silver in the whole world came in front. If we look at this year’s financial, silver has increased by 63 percent, and gold and equity markets have gone up from 21 percent to 30 percent.
So far this month, silver prices have risen by more than 30% against major global currencies amid weakness in the US dollar.
Experts believe equity, gold, and silver rally price fluctuations at the same time are going to cause concern and investors fear that their circulation will continue to increase as the currency exceeds their trading requirement despite growth or increased jobs.
And they also say that the gold and silver market cycle usually lasts for 8-10 years. The last cycle started in 2001 and ended in 2011, during which time the metal became seven times more expensive.