Gold prices have broken all records in the country's capital Delhi. A day earlier on Tuesday, there was no change in the price of gold in the Delhi bullion market, but on Wednesday it has reached very close to 78 thousand rupees. On the other hand, a tremendous increase has also been seen in the price of silver. On Wednesday, an increase of Rs 3000 has been seen in the price. According to experts, the increase in gold prices is being seen due to the reduction in Fed policy rate and geo-political tension. On the other hand, the increase in silver prices is being seen due to the increase in industrial demand from China. Let us also tell you how much the prices of gold and silver have become in the country's capital Delhi.
Amid a rise in the prices of precious metals in global markets, the price of gold rose by Rs 900 to a new record level of Rs 77,850 per 10 grams in the bullion market of the national capital Delhi on Wednesday. On Tuesday, gold of 99.5 percent purity closed at Rs 76,950 per 10 grams. Apart from this, gold of 99.5 percent purity also rose by Rs 900 to an all-time high of Rs 77,500 per 10 grams. In the previous session, gold closed at Rs 76,600 per 10 grams. Silver rose by Rs 3,000 to Rs 93,000 per kg due to fresh lifting by industrial units and coin makers. Silver closed at Rs 90,000 per kg in the previous close.
On the other hand, gold contracts for October delivery in MCX futures trading touched a new record high of Rs 997 to Rs 76,000 per 10 grams. However, silver contracts for December delivery fell by Rs 419 to Rs 91,974 per kg. Globally, Comex gold is trading 0.15 percent higher at $2,681.10 an ounce. During the day, its prices in foreign markets reached a record high of $2,694.89 an ounce. Silver also rose to $32.15 an ounce during Asian trading hours.
Surendra Mehta, National Secretary, Indian Bullion and Jewelers Association (IBJA) said that gold prices in the international markets may cross $3,200 per ounce in the near future. Pranav Mer, Vice President - Research (Commodity and Currency), BlinkX and JM Financial, said that the rise in gold prices continues as prices have reached a lifetime high of Rs 76,000 per 10 grams in futures trading.
He said that weak dollar, expectation of further interest rate cuts from global central banks, demand for safe investment and flow of ETF funds are supporting the prices. According to traders, gold prices rose due to continuous buying by jewelers and strong trend in international markets.
Motilal Oswal Financial Services Ltd Senior Analyst (Commodity Research) Manav Modi said that due to the recent rally amid continued optimism about a cut in US interest rates, gold prices reached record highs on the COMEX as well as on the domestic front. At the same time, the focus is also on the signals coming this week and the increase in geopolitical tensions.
