Amid a rise in the prices of precious metals globally, the price of gold in Delhi's bullion market rose by Rs 700 to Rs 76,350 per 10 grams on Friday. In the last trading session, gold of 99.9 percent purity closed at Rs 75,650 per 10 grams. However, the price of silver remained at Rs 91,000 per kg on Friday. According to the All India Sarafa Association, the price of gold of 99.5 percent purity rose for the third consecutive session and on Friday it rose by Rs 700 to Rs 76,000 per 10 grams.
Earlier it had closed at Rs 75,300 per 10 grams. Traders in the local markets attributed the rise in the prices of precious metals to the increase in demand from jewelers and stockists due to the upcoming festival and wedding season. On the other hand, the contract price of gold for October delivery in the futures trading of Multi Commodity Exchange (MCX) increased by Rs 341 or 0.46 percent to Rs 73,779 per 10 grams.
The price of silver contract for December delivery on the exchange rose by Rs 145 or 0.16 per cent to Rs 90,113 per kg. According to Commerce Ministry data, India's gold imports more than doubled to a record high of $10.06 billion in August due to a huge cut in customs duty and festive demand. A year ago, gold worth $4.93 billion was imported in August 2023. In the budget, the government had reduced the duty on gold imports from 15 per cent to six per cent. India is the second largest gold consumer country in the world after China.
In the international markets, Comex gold futures are trading down by 0.70 percent at $2,632.90 an ounce. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Securities Ltd, said that after the US Federal Reserve started the phase of monetary rate cuts, gold prices rose by more than one percent, taking gold to an all-time high. Silver was also trading at $31.54 an ounce during Asian trading hours.
