Gold price increased by Rs. 700. Crossed the mark of 76,000 – ..

After a week of sluggishness, gold is witnessing a rise. Due to weak data on the US job market and the possibility of interest rate cuts by the Federal Reserve in the wake of the economic slowdown, open buying of gold has started in the global market.
Due to this, bullion started to rise at the local level on Tuesday. In Ahmedabad, 24 carat gold per 10 grams was increased by Rs. 700 to Rs. 76,200. Similarly, 22 carat gold was Rs. 76,000 per 10 grams. Silver was reduced by Rs. 500 due to lack of demand. 92,500 per kg. In the global market, gold was trading at $ 2439.40 an ounce with a gain of $ 10.50 on Comex late Tuesday night. Silver remained stable at $ 30.94. According to bullion experts, the possibility of interest rate cuts by the Federal Reserve in September has increased due to weaker than expected data on the US economy. Apart from this, given that the central banks of various countries are also indicating to raise interest rates, free investment in gold may increase. At the same time, industrial demand in silver has slowed down and investment is also decreasing, which has led to a decline in prices.