Gold price Rs. 63,000 and silver price Rs. 80,000 will be reached

- Gold prices in the world market point to fall again after rising

- Boolean Bits - Dinesh Parekh

- There is a fear of impact on demand as festivals and wedding season are pushed back due to extra month.

Gold prices rose above $1980 per ounce, quoting prices of $25-25 per ounce, on signs of a slow increase in the Fed's interest rate hikes and a weaker dollar, with weaker financial data in the white market.

In the past one month, gold has risen due to the weakness of the dollar against the currencies of each of the G10 countries.

Ecuador's central bank has added $3.61 million worth of gold from local gold production to its reserves, while Mali's government has enacted new laws to control gold production, instead of granting gold mining licenses for 30 years, to 10 years and increasing its stake in the mine to 20 percent. .

'The dollar sank and gold soared' when Fed Chairman Jerome Powell raised interest rates by .25 points to bring the rate to a standstill in the coming months and keep inflation under control from the current rate of 5.25 per cent to 5.50 per cent.

Global financial conditions are deteriorating as the war between Russia and Ukraine escalates, and Russia's restrictions on the grain trade of each country in the Black Sea will have an adverse effect on global grain supplies. And its effect will be seen on the oil and bullion market as well. The continuous purchase of gold by central banks will not allow the price of gold to fall. The figures of gold import and export of Swiss Bank are not yet available but this bank exports gold to Hong Kong China. It illegally brings gold from South Africa and sends it to the refinery in Dubai. After an illegal money laundering racket was caught by a Dubai refinery, the refinery's license to purify gold has been cancelled. There is a lack of transparency in the gold trade through the Middle East. Incoming and outgoing, it may be noted that the Roman Celtic Museum of Germany is located in the city of Khanching, Bavaria. The gold coins were stolen from the museum eight months ago and the police arrested the suspects. Thus the income of gold in the market is small and has no effect on the price of gold.

Efforts are being made to supply gold to the world by planning for more gold production in gold mines. Gold will show the price of 2000 dollars per ounce in the coming days.

Silver has been the best performer in the global market and expectations that the Fed's interest rate hike will be dovish has impacted silver prices. In the last week, the price of precious metal silver increased by 7.70 percent, the price of silver has started to be called 2515 cents per ounce.

Silver traded at 2,514 cents an ounce on the Comex market in New York, with funds, institutions, investors and Bank of America as well as J.P. Silver is bullish as Morgan makes new purchases. One ton of soil excavated from 3 meters down in a Brazilian mine has yielded 2,070 ounces of silver to match silver supply to demand. Also, .86 oz of silver per 1 tonne of soil excavated has been found in the silver mine located at Bolaviya. As these efforts to produce more silver continue, a silver shortage will not be imminent.

A major change in solar panel technology in the world will increase the demand for silver in this sector.

Analysts say that even if the price of silver rose to a quote of $30 per ounce, a high of $140 per ounce was seen in 1980. In the long run there will be shortage of silver. Because silver is being used more in the new sector and less scrap of old silver is coming to the world market.

Overall, in the long term, silver will hold an upward trend above $50 per ounce. In domestic gold prices, due to high global gold prices, gold has jumped by Rs.200-300 per ten grams and gold is quoted at Rs.60,400 per ten grams, while the futures price is quoted at Rs.59,400 per ten grams. There is a margin of Rs.1000 per ten grams between futures and spot gold. Gold in the bill is Rs. 61180 per ten grams is quoted.