Gold prices have been on a steady rise and are now reaching towards their all-time highs. Upon inspection of the MCX, the bullion prices were climbing back, reaching 56,745 Rs after peaking out at 58,850 Rs on Friday. In other news, the price of Silver has climbed by 0.6%, reaching 68,970 Rs per kilogram.
Talking about Global markets, The price of gold increased by 0.3%, reaching a new price of $1,932.12 per ounce. With the expectations of a fall in interest rate hikes imposed by the Federal Reserve in the air, appeal for this precious metal has increased exponentially. Along with Gold, Silver saw an increment of 0.4%, Reaching $24.04 for every ounce.
The price of gold has been seen only rising steadily after a record low was achieved after 28 months in the month of November last year, with the price of gold per ounce hitting $1,618. With there being prospects of a slowdown in the United States paired with the winding down of inflation and labor markets along with a Fed Pivot, they might just continue to provide a steady increment in the gold prices.
Coming back to India, however, it was noted that the prices of gold were able to amass a price hike of approximately 7,000 Rs, which led to waves being caused in the pricing of the international market.
The Federal Reserve has planned a 2-day meeting which shall wrap up by the 1st of February, and with that, experts are predicting a hike of up to 25 points. In accordance with a report by Reuters, the gold dealers in India had offered a discount on gold which went up to $24 as compared to the official market prices, still slightly lower than the $35 discount which was offered the previous week.
