Gold, Silver, Copper, Zinc Prices Rise Sharply: How the Weak Dollar Could Increase Everyday Costs
Gold-Silver Price: Prices of industrial metals, including gold and silver, are rising sharply ahead of the festive season. The rise in prices of copper, aluminum, zinc, and lead could increase the cost of fans, air conditioners, refrigerators, televisions, vehicles, and home construction. Will the burden of inflation on ordinary people increase further in the coming days? Read the report:
Commodity markets are in chaos just before the festival time. Prices of precious metals and industrial metals have surged together. With the extension of the bond buyback scheme of the US Treasury Department, the dollar index fell to 98. All metals in the international market are priced in dollars. A fall in the value of the dollar has increased demand for metals, which in turn has an impact on prices. Prices are going up so fast that the cost of all commodities will soon go up.
According to the All India Association, prices of gold have risen to a five-month high of ₹1.64 lakh per 10 grams in Delhi because of the rise in the demand for safe-haven metal. Gold of 99.9 percent purity has gone up by ₹900 to ₹164,400 per 10 grams compared to last week's closing price of ₹163,500 per 10 grams.
Price of gold reached a peak of $4,729.70 per ounce in the international market on Monday. In the domestic market, price of MCX gold climbed by 1.43 percent to ₹164,758 per 10 grams. Price of silver continued its rise for the third consecutive trading session. On Monday, it rose ₹3,500 to a four-month high of ₹253,500 per kilogram. Price of silver reached a peak of $69.66 per ounce on Comex.
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