Gold soared in the US as job market data weakened

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Hurricanes in the US have pushed up oil prices since 2014. As oil strengthens, gold prices are likely to rise. In the US, gold prices soared to થી 150 to વિશ્વ 15 a barrel and silver to ૮ 2.50 to ૮૫ 7.5 a barrel due to weak job data.

Experienced gold investor Mobius says everyone should keep 10 per cent gold in their portfolio as the currency may depreciate in the coming days. Also, keep 10 per cent gold because of this pandemic, as for the last two to three years, the central banks have been printing a large number of currency notes in the market, which has led to the devaluation of the currency.

The strength of oil prices, weakening Fed job data and signs of a rise in interest rates next year, pendamic fears, demand for gold in every sector, etc. will not keep gold prices down and gold is likely to recover slowly.

Silver has fluctuated between 4-5 cents in world market prices. Small investors have started coming to buy silver as silver prices have stabilized. New York's Comex market has seen signs of a rebound in silver prices as silver long-term debt deals rise.

The Taliban's occupation of Afghanistan still paints a picture of volatile weather, but this has had no effect on the price of precious metals such as silver. Demand from the solar sector and electronics sector is increasing in the global spot silver demand. In the long run, there will be a shortage of silver and there will be no news of new silver production.

In the domestic gold market, gold prices fluctuated briefly by Rs 200 per ten grams during the week, and local imports did not rebound as global gold prices did not fluctuate much and the rupee strengthened against the dollar.

India (after China) has the highest demand for gold in the world at 1,000 tonnes, of which about 9 per cent comes from smuggling worth about ડો 11 billion.

Old gold revenues are declining. Refineries order Doregold bars and sell refined gold. Demand for gold will not fall and Diwali is likely to show a price above Rs 30,000 per ten grams.

In the domestic silver market, the demand is good as the price of silver remains stable at around Rs 500. Futures prices hover between Rs 2,100 and Rs 2,000 per kg. The gap between futures and spot silver was reduced from Rs 30 per kg to Rs 1,200 per kg on Thursday. At that time, silver futures were sold by importers at a discount of Rs 500 per kg.

The showroom has a modest housekeeping. Fear of pandamics is low as households continue. Coin makers are buying silver for Diwali and Dussehra. In the long run silver will see a rebound.