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Gold Price Review: Last week, where gold in the bullion market was Rs. 249 per 10 grams, while the price of silver rose by Rs. There was a surge of 3248. One of the reasons behind these rising prices of silver is 5G technology. According to data provided by IBJA, gold was at Rs.58471 while silver closed at Rs.70447 in the bullion market on August 18. On Friday, 24 carat gold closed at Rs 58,720 per 10 grams and silver at Rs 73,695 per kg. Earlier on Thursday, gold closed at Rs.58734 and silver at Rs.73667.
In the last one week, the price of silver has risen more than that of gold. She ran 13 times faster. Silver price was Rs 70447 per kg a week ago, but it touched Rs 73695 in just 5 trading days. A total of Rs. A jump of 3248 per kg was recorded. While in these five days, gold has become expensive by only 249 rupees per 10 grams.
Why is the price of silver increasing?
Ajay Kedia, president of Kedia Commodities, said silver’s outperformance over gold, indicated by the gold-silver ratio of 79.31, could intensify if it breaks 78. US dollar strength could edge lower, supported by strong US data and dovish Fed comments. Silver has taken support near 72500, facing resistance near 76300. Open interest decreased by 49.81% due to short covering.
Silver prices are increasing due to these 4 reasons
1. Dovish tone from the FED
2. Reduction in the ratio of gold to silver
3. China’s intervention to support the economy
4. Increase in industrial demand in solar panels, 5G technology, silver oxide batteries and power tools.