New Delhi: If you are thinking of buying jewelry for the coming festive season, there is bad news for you. In fact, gold and silver prices have gone up. Gold prices crossed the 35,400 rupees per 10 grams mark during trading on Friday. This is the highest level of gold value ever. Never before had gold prices seen such a big rise. Silver prices have also touched a one-year high.
Gold has been bullish on the Multi Commodity Exchange (MCX) for the past three days. Gold prices went up by Rs 35,409 per 10 grams in early Friday trading. Earlier gold was trading at Rs 35,321 per 10 grams. Gold on MCX has a record high of ever. Silver has been bullish for over a week now. Silver prices on MCX are at the highest level since June 15, 2018.
The rise in gold prices is likely to continue. According to Ajay Kedia, director, Cadiya Commodity, gold prices may soon cross the historical level of Rs 36,000 per 10 grams. Cadiya said the U.S. central bank's signal of a cut in interest rates has led to a lower dollar, supporting gold and silver prices.