New Delhi. In the month of May, there has been a good rise in the price of gold and silver. Where gold has become 4 percent costlier in the month of May. While the price of silver has seen a rise of up to 5 percent. There are several reasons for the rise in the price of gold and silver in May. The biggest reason is the tremendous decline in crypto currency. On the other hand, due to the fall in the dollar index, there is also support in gold and silver. At the same time, precious metals are also seeing a boom due to Geo Political Tension and the Fed Reserve not raising interest rates. Let’s first tell you how much gold and silver have become.
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Even today, the price of gold and silver
Today, on May 24, the price of gold and silver is seen increasing. By 12 noon, it is trading at Rs. 48,546 per ten grams with a rise of Rs. 142. Whereas during the trading session has reached a day high of Rs 48,622. While talking about silver, it is trading at Rs 71,581 per kg with Rs 532 per kg. Whereas during the trading session today, silver is trading at Rs 71,718 per kg.
How expensive is gold and silver in the month of May
There has been a tremendous rise in the price of gold and silver in the month of May. In the month of May, the price of gold has gone up by 4 per cent i.e. around Rs 1900. On April 30, the price of gold has closed at Rs 46,737. While the price of silver has gone up by 5 percent. If the figures are to be believed, silver closed at Rs 68,366 per kg in the futures market on April 30. During this period, the price of silver has increased by Rs 3352 per kg.
Due to these reasons, the rise in gold and silver
1. Cryptocurrency Bitcoin declined by more than 50 percent in the month of May. Due to which, investors have increased again in gold and silver.
2. The fall in the dollar index also appeared to support the price of gold and silver.
3. It has been clarified by the Fed Reserve that it is not in the mood for any change in interest rates. This reason is also supporting gold and silver.
4. The ongoing political war between Palestine and Israel has increased the geo-political tension, which has increased the price of gold and silver.
5. At the same time, there has been a significant reduction in the cases of Kovid in India. Due to which there has been an increase in buying and demand for gold. Due to which gold and silver have also increased.
There will be more increase
According to Ajay Kedia, director of Kedia Advisory, the price of gold and silver is expected to increase further in the coming days. The second wave of Kovid-19 in the month of June is expected to reduce the impact. Which is expected to increase the demand for gold and silver, which can have an impact in the price. Gold imports have also seen a boom in the last few months.
Why increase
IIFL Vice President Anuj Gupta said that cryptocurrency Bitcoin declined by more than 50 per cent in the month of May. There is also the effect of a fall in the dollar index. Due to the increase in geo-political tension, the trend of investors has increased towards gold and silver. At the same time, there has been a significant reduction in the cases of Kovid in India. Due to which there has been an increase in buying and demand for gold. Due to which gold and silver have also increased.
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