During the week, gold has become costlier by Rs 568 per 10 grams and silver by Rs 916 per kg. On the other hand, Brent crude has become cheaper by 2 percent during this period.
Gold and silver recorded gains this week
There has been a decline in the stock market this week. However, there has been an upward trend in the prices of gold and silver during this period. According to the data released by the Indian Bullion and Jewelers Association, gold has become more expensive by more than Rs 500 during the week. On the other hand, silver has gained more than Rs 900. However, on the other hand, the crude slipped due to fear of Omicron.
How was the performance of gold and silver this week
According to the Indian Bullion and Jewelers Association, the price of 24 carat gold increased from Rs 47816 per 10 grams to Rs 48384 per 10 grams during the week i.e. gold became costlier by Rs 568 per 10 grams during the week. On the other hand, silver prices have also seen a rise. Silver has increased from Rs 60155 per kg level to Rs 61071 per kg level during a week. That is, silver has seen an increase of Rs 916 during the week.
Why gold and silver prices increased
Many factors are important for the rise in gold. The Federal Reserve has indicated to tighten policies, while the Bank of England has increased interest rates. Due to this there is pressure on the equity market and investors are not making new investments in shares. Instead, due to increased uncertainty due to Omicron, investors are investing in safer alternatives like gold. Along with this, the weakness in the rupee has also affected the prices of gold.
Crude oil softens during a week
At the same time, Omicron has also had an effect on crude. Due to uncertainty in the economy, there has been pressure in crude oil prices. Brent crude has declined from a level of $ 75.15 per barrel to a level of $ 73.52 per barrel during a week. That is, Brent crude has decreased by 2 percent during a week. Earlier on November 24, Brent crude was at the level of $ 82 per barrel. From the end of November, new concerns started emerging about Omicron, after which there was a decline in crude oil. Brent, which was trading at $ 82 on November 25, had come down to the level of $ 68 per barrel by December 1. However, with signs of recovery before this, the price of Brent had reached $ 82 by the end of November from the level of $ 65 at the end of August.
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