Gold, silver ETFs rally on US Fed rate cut expectations, festive demand
In India, the price of 24-carat gold per gram ended at Rs 10,499 on Monday, according to data published by the India Bullion and Jewellers Association (IBJA). The 24-carat gold on MCX was priced at Rs 105,880 per 10 grammes, while silver was at Rs 1.05 lakh per kilogramme.
MUMBAI: Gold and silver prices have reached record high driven by investors' anticipation of a US Federal Reserve rate cut, festive demand and a declining dollar, analysts said on Tuesday.
In India, the price of 24-carat gold per gram ended at Rs 10,499 on Monday, according to data published by the India Bullion and Jewellers Association (IBJA). The 24-carat gold on MCX was priced at Rs 105,880 per 10 grammes, while silver was at Rs 1.05 lakh per kilogramme.
Spot gold had touched $3,493.10 per ounce, approaching its April record of $3,500.05 at market close. The December gold futures rose to $3,546.10 per ounce and silver reached $40.84 per ounce, marking its highest point since 2011.
Investors in exchange-traded funds (ETFs) also received handsome returns as Nippon India Gold BeES went up 1.49 per cent to Rs 86.61, HDFC Gold ETF went up 1.59 per cent to Rs 89.43. SBI Gold ETF surged 1.67 per cent, and ICICI Prudential Gold ETF advanced 1.77 per cent. Investors in Gold ETF has received around 40 per cent retturns in one year.
Spot gold had touched $3,493.10 per ounce, approaching its April record of $3,500.05 at market close. The December gold futures rose to $3,546.10 per ounce and silver reached $40.84 per ounce, marking its highest point since 2011.
Investors in exchange-traded funds (ETFs) also received handsome returns as Nippon India Gold BeES went up 1.49 per cent to Rs 86.61, HDFC Gold ETF went up 1.59 per cent to Rs 89.43. SBI Gold ETF surged 1.67 per cent, and ICICI Prudential Gold ETF advanced 1.77 per cent. Investors in Gold ETF has received around 40 per cent retturns in one year.
