Gold, silver prices rise in US, may push domestic bullion rates on Wed

by IANS |

New Delhi, Dec (IANS) Gold and silver prices in the US on Tuesday rose by more than 1 per cent, fuelling expectations of a sharp rise in their prices in India on Wednesday.

Gold prices in the US bullion market rose to $1,823, up by 1.73 per cent and silver prices rose to $24.09, up by 1.03 per cent over previous close, mainly due to long term speculations over rate hikes by US Federal Reserve.

The US Federal Reserve is expected to announce another round of hikes in its first meeting in the new year, scheduled for February 1, 2023.

Rise in prices of yellow metal and silver in global markets are likely to impact domestic prices and they may see a rise on December 21 in India.

Any global movement in the price of gold affects the price of the yellow metal in India.

This mainly derives from the fact that India is one of the largest importers of gold and as such when the import prices change due to global movement in price, the same is subsequently reflected in the prices of gold at home.

Latest News
Sachin Tendulkar, BCCI office-bearers to felicitate World Cup-winning U19 women's team Tue, Jan 31, 2023, 12:19 AM
Female ex-SDF member sues Japan govt, abusers for sexual assault Tue, Jan 31, 2023, 12:18 AM
28 killed, 150 injured in blast at Peshawar mosque (3rd Ld) Tue, Jan 31, 2023, 12:15 AM
New cases declining, can achieve target of Leprosy Mukt Bharat by 2027: Mandaviya Tue, Jan 31, 2023, 12:14 AM
Upendra Kushwaha says stones pelted on his convoy in Bhojpur Tue, Jan 31, 2023, 12:12 AM
India's first glass igloo restaurant come up in J&K's Gulmarg Tue, Jan 31, 2023, 12:12 AM
Plane carrying Andhra Pradesh CM makes emergency landing Tue, Jan 31, 2023, 12:11 AM
MP minister Narottam Mishra plays anchor role in bringing back Katni mayor to BJP Tue, Jan 31, 2023, 12:10 AM
Protests in Assam over inclusion of 60 villages in Bodoland region Tue, Jan 31, 2023, 12:09 AM
Formula E World: Victory for Pascal Wehrlein and Porsche Sat, Jan 28, 2023, 12:15 PM
Man City beat Arsenal 1-0 to reach FA Cup fifth round Sat, Jan 28, 2023, 12:13 PM
Leipzig edge Stuttgart to move second in Bundesliga Sat, Jan 28, 2023, 12:05 PM
ILT20: Marcus Stoinis joins Sharjah Warriors, says he is mentally prepared for UAE weather Sat, Jan 28, 2023, 12:02 PM
Indian-American loses election to head Republican Party after challenging establishment Sat, Jan 28, 2023, 12:01 PM
Record rainfall overnight in Auckland causes massive flooding Sat, Jan 28, 2023, 11:59 AM