Gold-Silver rate Today: Gold reached beyond 55 thousand, silver’s shine also increased, know what investors should do now

new Delhi. The ongoing war between Russia-Ukraine has pushed the prices of gold to the high of one and a half years. On the Multi Commodity Exchange (MCX), the price of gold also crossed the level of 55 thousand on Wednesday.

Due to the sanctions of America and other allied countries on Russia, the price of yellow metal is increasing continuously in the global market. Its effect was also visible on the Indian market and at 9.15 am on MCX, the futures price of gold jumped 1.64 percent to Rs 55,111 per 10 grams. This is a one and a half year strong level. The futures price of silver also rose by 2.19 percent to Rs 72,950 per kg.

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Prices close to record in global market
Gold prices in the global market have reached near their record level. In the global market, spot gold is trading with a weakness of 0.6 percent at $2,040.07 an ounce. Earlier it had touched the level of $2,069.89. In August, 2020, the price of gold in the global market was at a record high with $2,072.49 an ounce.

Price can go up to Rs 56,580
Experts say that the price of gold in the bullion market can cross 56 thousand in the next few days. If the price of gold continues to trade above the level of 2,035.97 in the global market, then it can reach Rs 56,580 in the Indian market. Even in the first wave of Corona epidemic, the rate of gold had crossed 55 thousand.

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All countries are increasing the stock of gold
Due to the Russia-Ukraine crisis, there is a crisis on the economies of the world and all the countries are buying gold fiercely. The gold holding of the world’s largest gold-backed exchange-traded fund (ETF) SPDR Gold Trust rose to 1,067.3 tonnes, the highest since March 2021. However, investors should buy gold now, as the prices are expected to rise further.

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