If you are thinking of investing in gold then there is a bad news for you. Due to continuous buying by jewelery sellers and strong trend in foreign markets, a rise in gold prices has been observed on October 7. Gold has increased by Rs 250 and reached a new high of Rs 78,700 per 10 grams. Last week, gold had closed at Rs 78,450 per 10 grams. However, according to All India Bullion Association, the price of silver fell by Rs 200 to Rs 94,000 per kg, which was at Rs 94,200 per kg last week.
Meanwhile, gold of 99.5 percent purity rose by Rs 200 to reach a record high of Rs 78,300 per 10 grams. In the last session, gold had closed at Rs 78,100 per 10 grams. Traders credited the rise in gold prices to increase in domestic demand from stockists and retailers. Apart from this, the fall in stock markets also helped the rise of precious metals as investors turned towards safe-haven assets like gold, he said.
Comex gold was trading 0.14 percent higher at $ 2,671.50 an ounce in Asian trading hours. Kainat Chainwala, AVP-Commodity Research at Kotak Securities, said COMEX gold remained flat as expectations of an aggressive interest rate cut by the US Federal Reserve amid ongoing tensions in West Asia dampened demand for the safe-haven asset. . He said gold prices will trade in a tight range due to caution ahead of the upcoming US inflation data. On the other hand, silver fell 0.61 percent to $ 32.20 an ounce in the international markets.
