Gold up 4% in May, the silver price goes up by 5%

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New Delhi: In May, there has been a good rise in the price of gold and silver. Where gold has become 4 per cent costlier in May. While the price of silver has seen a rise of up to 5 per cent. There are several reasons for the rise in the price of gold and silver in May. The biggest reason is the tremendous decline in cryptocurrency. On the other hand, due to the fall in the dollar index, there is also support in gold and silver. On the other hand, due to the increase in interest rates by the Jio Political Tension and the Fed Reserve, precious metals are also seeing a boom. Let’s first tell you how much gold and silver have become.

Even today, the price of gold and silver

Today, on May 24, the price of gold and silver is seen increasing. By noon, it is trading at Rs. 48,546 per ten grams with a rise of Rs. 142. Whereas during the trading session, it 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 May

There has been a tremendous rise in the price of gold and silver in May. In 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 per cent. If the figures are to be believed, silver closed at Rs 68,366 per kg in the futures market on 30 April. 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 per cent in May. Due to this, investors have increased again in gold and silver.
  2. The decline 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 geopolitical tension, which has increased the price of gold and silver.
  5. There has been a significant reduction in the cases of Covid 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 Covid-19 in June is expected to reduce the impact. Which is expected to increase the demand for gold and silver, which can have an impact on 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 May. There is also the effect of a fall in the dollar index. The trend of investors has also shifted towards gold and silver due to an increase in geopolitical tension. At the same time, there has been a significant reduction in the cases of Covid 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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