New Delhi: A comeback is made after the fall in gold and silver prices in MCX on Tuesday. On Wednesday, the price of gold rose by 0.31%, ie Rs 150 to Rs 47,975 per ten grams. The silver rose by 1.61% i.e. Rs 1090 to Rs 72,046 per kg.
On Tuesday, gold in Delhi was cheaper by Rs 480 to reach Rs 47,702 per ten grams. The silver fell by Rs 3907 to Rs 70,122 per kg. In Ahmedabad, gold spot sold on Wednesday at Rs 48,182 per ten grams, gold futures were quoted at Rs 47850 per ten. Silver rose 1.4% to $ 26.98 an ounce in the global market. On the other hand, gold spot gained 0.1% to settle at $ 1839.16 an ounce. US gold futures rose 0.4% to $ 1840.90 an ounce.
In the US, the economy is getting support for the price of gold due to the expectation of getting a stimulus package and liberal monetary policy. Gold is also getting support due to an increase in dollar and success on vaccine front. Experts said that looking at the dollar, the trend of gold can be mixed. However, in the hope of Stimulus, buying in gold may increase. Its effect can be seen in the Indian market. In the coming days, the consumption of gold in the country may increase because the government has announced to reduce the duty on it in the budget.