Gold and silver prices are witnessing an upswing. The rate for 24-carat gold is approximately Rs. 63,600 per 10 grams.
There has been an increase in gold prices in Thursday’s trading session. According to the Indian Bullion Jewelers Association (IBJA), the rate for 24-carat gold has reached Rs. 63,640 per 10 grams. Previously, the rate for 24-carat gold was Rs. 63,223 per 10 grams. Meanwhile, the price of silver is hovering around Rs. 74,000 per kilogram.
What are the rates for 22, 20, 18, and 14-carat gold? According to IBJA, the rate for 22-carat gold is Rs. 62,120 per 10 grams. 20-carat gold is being sold at Rs. 56,640 per 10 grams. The price for 18-carat gold has reached Rs. 51,550 per 10 grams. Additionally, the rate for 14-carat gold is Rs. 41,050 per 10 grams.
Reasons for the surge in gold prices The rise in gold prices is attributed to global gold purchases at the international level. Following signals of a decrease in interest rates by the U.S. Federal Reserve, there has been substantial buying in gold. As a result, the international market is witnessing a gold rate of $2,087 per ounce. Meanwhile, the rate for silver is around $24.552 per ounce. Both gold and silver are trading near their highest levels.
Decline in the futures market There is business happening with pressure in both gold and silver in the futures market. The contract for gold on February 5, 2024, has reached Rs. 63,517 with a 0.25% increase. On the other hand, silver has made a contract at Rs. 75,390 per kilogram with a 0.34% decline. Traders are lightening their positions due to weakness in gold and silver futures.
