Gold price updates: Gold has increased due to the fall in the dollar, gold is going to be 50 thousand soon, right time to buy
Today, due to the fall in the dollar against the rupee, the price of gold is seen increasing. Despite the RBI announcements, there is sluggishness in the stock market today. The rupee was trading at a level of 73.84 with a gain of 7 paise. At 11 am on MCX, June delivery rose by Rs 176 to Rs 47176 per ten grams and August delivery was trading up by Rs 170 to Rs 47500. Commodity market experts say that the rate of gold on MCX will cross the level of 50 thousand by this Diwali.
Silver delivery is also seen increasing on MCX. Silver for July delivery was trading up by Rs 335 to Rs 69954 per kg and silver for September delivery was up by Rs 429 to trade at Rs 71027 per kg. On Wednesday, gold fell by Rs 317 to close at Rs 46,382 per ten gram level in Delhi Bullion Market. At the same time, silver rose by Rs 2328 to reach the level of Rs 70270 per kg.
Gold and silver rate in the international market
According to the data available on the IBJA website, on May 5, the price of 24 carat gold is Rs 46753 per ten grams and silver is Rs 68835 per kg. The price of gold is also increasing in the international market. According to data available on Investing.com at 11.20 am, gold for June delivery was trading up by $ 7 to $ 1791 per ounce and silver by $ 0.26 to trade at $ 26.78 per ounce.
Weakness in Dollar and Bond Yield
At this time, the dollar index was down by -0.023 to 91.270. This index shows the strength and weakness of the dollar against the world's six major currencies. For 10 years, the US bond yield is currently declining at 1.577 per cent. When the pressure on the yield increases, the brightness of gold increases.