Gold rate today: This has been the strongest week for Gold in the last five months. Commodity market experts say that there is every possibility of a rise in gold in the coming time.
On a weekly basis, gold rose by Rs 782.
The Federal Reserve increased the interest rate by 75 basis points in line with the market, after which the dollar weakened. Due to this, this week in the domestic and international markets. gold price ,gold rate today) was registered. In the domestic market, on MCX, a jump of 1.54 percent was recorded in gold this week and it closed at Rs 51426 per ten grams. Last week it closed at the level of 50644. In this way, a rise of Rs 782 was recorded in gold on a weekly basis. In the international market, it closed at $ 1765 per ounce with a rise of 2.26 percent.
Talking about silver, silver on MCX in the domestic market (silver rate today) registered a rise of 5.88 per cent on a weekly basis and closed at Rs 58370 per kg. This is the highest level in three weeks. In the international market, silver closed at $ 20.32 per ounce with a rise of 9.47 percent. This is the highest level in five weeks.
Gold expected to rise in the second half
Regarding the rise in gold and silver, Anuj Gupta of IIFL Securities said that the US Federal Reserve increased the interest rate by 75 basis points. This was in line with the market forecast. It was said on behalf of the Fed that the interest rate will not be increased as aggressively in September and onwards. The US economy declined for the second consecutive quarter. This has also strengthened the demand for gold.
This week was the strongest for Gold in five months
This has been the strongest week for Yellow Metal in the last five months. On technical grounds, the US economy has gone into recession. The US economy declined 0.9 per cent in the June quarter. In the first quarter, this decline was 1.6 percent. The World Gold Council believes that in the present condition of the global economy, there is every possibility that the demand for bullion will remain in it. Gold demand will pick up in the second half. In this case, there is every possibility of a correction in the price.
Strong support for gold at 51000 level
Anuj Gupta said that there is strong support for the domestic market gold at 51000. The next support is at the level of Rs 50500 per ten grams. In the bullish situation, the first target is Rs 51900, after that the level of Rs 52400 per gram is important. There is strong support for silver at the level of Rs 56000. If it breaks then the target of Rs 54000 per kg for silver becomes important. In the event of bullishness, silver can go up to 60 thousand rupees. After that the next target will be Rs 63000.