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Gold, silver prices rise in US, may push domestic bullion rates
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IANS | 20 Dec, 2022
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.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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