After a continuous decline in the last two days, today on August 20, gold and silver prices have once again registered a strong rise. At 9 am on MCX, gold was seen trading at Rs 1,58,703 per 10 grams with an increase of Rs 700. At the same time, a big jump of Rs 3,453 per kg was seen in the rate of silver, due to which it is trading at Rs 2,40,240.
Talking about the international market, there also the price of gold was seen strong by 0.04 percent at $ 4,546 per ounce. At the same time, in the international market, silver has crossed the mark of 67 dollars with a strong rise of 2 percent.
Why did the prices of gold and silver increase?
Gold prices in America reached their highest level in almost two months on Wednesday. The biggest reason for this overnight rise is a major decision of the US Treasury Department. The US government has made a big announcement to directly double its liquidity support scheme to buy US bonds.
As soon as this news hit the market, bond yields fell sharply and the US dollar also weakened. The dollar index weakened by 0.83 percent, while the 10-year bond yield saw a sharp decline of 1.13 percent. Along with this, the 30-year bond yield has also fallen below its highest level in almost two decades. When bond yields go down, the cost of holding gold goes down. This is the reason why investors are turning to gold for safe investment, due to which its prices have suddenly increased.
What is the price of 22K and 24K gold today?
A significant increase has been recorded in the prices of gold in the Indian bullion market today on 20th August. The rate of 24 carat gold has jumped by Rs 430 to Rs 15,927 per gram. At the same time, the price of 22 carat gold has increased by Rs 395 to Rs 14,600 per gram and the price of 18 carat gold has come to Rs 11,946.
According to this, the rate of 22 carat 10 gram gold has reached close to Rs 1,68,426. Talking about major cities, the price of 10 grams in Delhi remains at Rs 1,68,599, while in Mumbai it is trading at Rs 1,68,426 per 10 grams.
latest rate of silver
Along with gold, today there is a huge rise in the prices of silver across the country. The price of 10 grams of silver in the market has reached Rs 2,942, while the price of 1 gram of silver has reached Rs 255. At the same time, the price of 1 kg silver has taken a huge jump of Rs 10,000 and reached the level of Rs 2.55 lakh.
Will the rise in gold and silver continue further?
The prices of gold and silver have currently reached their highest level in the last two months. However, there is still an environment of uncertainty in the market regarding the fluctuating prices of crude oil, global inflation and the interest rates of the US Federal Reserve.
In such a situation, the question in the minds of common investors is that for how long will this rise in precious metals last. Now all eyes are on the minutes of the meeting of the Federal Reserve of America, which are going to be released today. From these minutes onwards, the Fed's stance regarding interest rates will be clear, whose direct impact can be seen on the movement of gold and silver.