The festive season has started in the country with the holy festival of Raksha Bandhan. With the beginning of the festivities, the gold and silver market has seen a sharp rise in gold and silver prices in Ahmedabad today due to positive factors at the global level along with the increase in consumption. 1500 increased to Rs. 74500 per 10 grams. While silver Rs. 3500 became expensive to Rs. 85500 per kg. On Saturday, gold was Rs. 74000 per 10 grams and silver was being quoted at 83000 per kg. Gold price on Friday was Rs. 73000 and silver cost Rs. 82000 was. October 4 gold futures at MCX at Rs. 506 and the September 5 futures of silver at Rs. A rise of 1155 was recorded. MCX Gold Today Rs. 72090 per 10 grams and silver at Rs. 85505 per kg was quoted. Globally, gold was near a record high of $2561.20 per ounce and silver at $29.81 per ounce.

Reason behind bullishness in precious metal:

The precious metal has bounced back with positive factors globally, dollar weakness and the strong possibility of a Fed rate cut. The dollar hit a seven-month low on expectations that the Fed will start cutting interest rates next month. Buying in the precious metal increased as the dollar index also fell. The festive season has started at the local level as well.