Gold Prices May Surge Before Diwali Amid Rising US Dollar and Interest Rates
Gold and silver prices have been volatile in recent weeks, but analysts predict that gold will break records by Diwali. On September 24, there was a slight decrease in the price of gold and silver.
In the past week, several reports and global bank forecasts indicate that gold prices may surge significantly before Diwali. However, gold and silver prices have increased recently.
The current price of gold on MCX is ₹1,51,135 per 10 grams, while silver is trading at ₹2,34,151 per kilogram. Internationally, the price of gold has increased by 0.17% and is trading at $4,305 per ounce, while silver's price has risen by 0.07% to $64.045 per ounce.
The strengthening US dollar and expectations that the US Federal Reserve will maintain high interest rates for a longer period have put pressure on gold prices. If the Fed does decide to raise interest rates further, it could lead to an increase in the value of the dollar, which would put downward pressure on gold prices.