Silver broke the wall of inflation, the price increased so much in 1 week that it makes one’s head dizzy.

New Delhi: If you are thinking of buying gold for a wedding or are planning to invest, then this news may blow your mind. The bullish storm that has started in the bullion market for the last three weeks is not showing any signs of stopping. This week too, there has been a strong rise of 1.65 percent in the prices of gold, which has increased the concerns of the middle class. June futures price of gold on Multi Commodity Exchange (MCX) on Friday, the last day of the trading week. Rs 1,52,690 per 10 grams Reached the historical level of. Not only gold, silver also jumped Rs 2,43,300 per kilogram Has touched a new level.

There was an uproar in the retail market too

Not just the futures market, prices are skyrocketing in the retail market of your city too. According to the data of India Bullion and Jewelers Association (IBJA), the price of 999 purity gold which was at Rs 1,47,891 per 10 grams on Monday, jumped by Friday. Rs 1,50,327 passed beyond. The speed of silver was even more frightening. Silver sold at Rs 2,31,028 per kg at the beginning of the week till Friday Rs 2,39,934 Reached. That means, in just five days, an increase of about Rs 9 thousand was recorded in the prices of silver.

Why are prices rising?

Market experts believe that international reasons are most responsible behind these gold prices. Due to the ongoing geopolitical uncertainty across the world, investors are flocking to gold, which is considered a ‘safe haven’, to keep their money safe. Apart from this, the weakness in the US dollar has also increased the shine of gold.

At the same time, the fall in international crude oil prices has raised hopes of reducing inflation. The market feels that the US Central Bank (Federal Reserve) may soon cut interest rates. Whenever interest rates are expected to go down, gold prices tend to go up.

Will the boom stop now? Know the required level

Internationally, gold on Comex closed at $ 4,787.40 per troy ounce with a weekly jump of 3 percent. According to experts, 5,000 dollars The level of is a huge psychological barrier. If gold crosses this level, an even worse rise in prices may occur.

Talking about the domestic market i.e. MCX, there is a strong support for gold between Rs 1,48,000 to Rs 1,46,000. At the same time, on the upside, resistance can be seen at the level of Rs 1,54,000 to Rs 1,55,000. For silver, the range of Rs 2,30,000 to Rs 2,25,000 is acting as support. Investors are being advised to keep a close eye on the movement of dollar and rupee, because even a slight weakness in the rupee can further increase the price of gold.