Gold price crosses 70 thousand for the first time

Gold-Silver Prices: Just before the start of the wedding season in the country, a new record has been set due to the rise in gold prices. This week Gold set the height record thrice. Today the price of ten grams of gold has become Rs 70,699. Whereas, silver has also not lagged behind in the race. The price of silver has reached its highest level in three years. The price of one kg silver has reached the level of Rs 81,030. However, the Indian Bullion and Jewelers Association (IBJA) has expressed great concern over the huge increase in the prices of gold and silver. The association believes that the effect of increase in gold and silver prices can be seen in the domestic market before the wedding season.

Gold and silver futures prices softened

There has been a decline in gold and silver futures trading in the domestic market. Amid weak spot demand, speculators reduced the size of their deals, leading to softening of gold and silver prices in futures trade on Friday. The price of gold fell by Rs 157 to Rs 69,550 per 10 grams. Whereas, in the Multi Commodity Exchange, the price of the contract for supply in the month of June fell by Rs 157 or 0.23 percent to Rs 69,550 per 10 grams. 23,973 lots were traded in this. Market analysts said that gold futures prices fell due to trimming of their deals by traders. Globally, gold fell by 0.28 percent to $ 2,302 an ounce in New York.

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Why are gold and silver prices increasing?

Amidst global economic uncertainty, investors are focusing on gold in search of safe investment. On the other hand, geopolitical tension seems to be increasing. The war continues in Eastern Europe. Tension is increasing between Israel and Iran in the Middle East. Interest rates are being cut by central banks around the world. This is boosting the prices of gold. Whereas, many countries including India are also working on increasing their gold reserves.