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A very surprising big news is coming out from the bullion market at this time. Gold prices, which have been facing record decline for a long time, have suddenly taken a big U-turn. This huge jump in the continuously falling gold prices was seen when the new Chairman of the Federal Reserve of America, Kevin Warsh, gave a big statement. 56 year old Kevin Warsh indicated in his statement that there will not be a very aggressive increase in interest rates in the coming time.

As soon as there was a hint of what was next, the mood of investors changed and gold prices took a tremendous U-turn. After this statement, gold prices are once again registering a huge rise in the global and domestic markets. If we talk about the international market on Thursday, July 2, the price of Comex gold has increased by a huge increase of $ 33.80 to reach $ 4,065.15 an ounce. Gold prices are once again showing a strong trend in the global market and spot gold has also seen an increase of about 0.6%.

Know why the sudden rise in the price of gold returned?

Major experts in the commodity market believe that the new Federal Reserve chief Kevin Worsh did not indicate any aggressive increase in interest rates in his first official speech. He talked about keeping the interest rates around 2 percent, but did not give any indication to scare the market that there is going to be a sudden big increase in the interest rates.

This positive signal of softening of interest rates has once again brought gold prices on the upward track. Experts say that if there was even the slightest hint of a big increase in interest rates from the Federal Reserve, then both gold and silver precious metals could have seen a huge fall once again.

Today’s latest price from 24 carat to 18 carat

The effect of this rise is clearly visible in the domestic market also. According to the latest list released on the official website of India Bullion and Jewelers Association (IBJA), the new prices of gold and silver are as follows:

The price of gold of 24 carat purity has now reached Rs 1,41,070 per 10 grams. At the same time, the price of 22 carat purity gold, which is generally used for making jewellery, has been recorded at Rs 1,29,740 per 10 grams. Apart from this, if we talk about the price of gold of 18 carat purity, it is currently trending at Rs 1,06,220 per 10 grams. Along with gold, the shine of silver has also returned and now the price of 1 kg silver has reached the level of Rs 2,21,355.

Gold was falling continuously for last 4 months, record was broken

Let us tell you that on January 29 this year, gold had touched its all-time high (highest level till date). But the decline in gold prices that started as soon as the month of February started was not stopping. In the month of June alone, a huge decline of about 11% was recorded in gold prices, while during the entire quarter it saw a decline of about 14%.

How big this fall was, you can guess from the fact that this was the worst monthly fall in gold since 2008. During this period of recession, gold on the futures market i.e. MCX had become cheaper by about Rs 52,000 from its all-time high, while in our domestic spot market the price of gold had fallen from its highest level to Rs 36,000. In such a situation, a statement by Kevin Warsh has once again given a big support to the sinking bullion market.