This week gold prices saw an incredible rise in its prices as it touched Rs 40,220/- mark in Indian continent on Thursday. In Commodity sector today closed closed in Rs 38900/- mark. Gold prices increased when due to a global rally as Re prices was weaker, hence strengthening gold prices. Investor inflows into gold backed ETF's have also supported its prices
In global markets, gold was over $1,540 per ounce, near six-year highs of $1,556 set earlier in the week. Meanwhile, silver prices extended their recent gains, rising 0.85% to a near two-year high of $18.32 per ounce. Mixed trade in equity markets and US dollar has also led to high prices in gold. As per market trend it is not advised to trade in gold as right now it'll be fishy to trade in this sector. Gold may sore to new high somewhere near Diwali and Wedding season as at that time its demand increases resulting to its increase price in the market.