Gold-Silver Price: Amid growing conflict in West Asia, gold prices rose due to interest rate cuts by China's central People's Bank of China (PBOC). Investors are turning to safe investment assets.
Due to China, gold became expensive in the bullion market.
Gold-Silver Price: The plans of those who were planning to buy gold and silver on Diwali and Dhanteras have suffered a major setback. Due to the reduction in interest rates by China just before Diwali, the precious metal gold has broken the market by crossing 80,000 and setting a record. At the same time, silver is also ready to touch the psychological level of Rs 1 lakh. Currently, its price has recorded a record increase of Rs 5,000 per kg. Along with this, silver has reached its all-time high in the bullion market of Delhi.
According to the information given by the All India Bullion Association (AIBA), gold rose by Rs 750 to a record level of Rs 80,650 per 10 grams in the bullion market of Delhi on Monday, October 21, 2024. Apart from this, 99.5% pure gold rose by Rs 750 to a new record level of Rs 80,250 per 10 grams. 99.5% pure gold closed at Rs 79,500 per 10 grams on Friday, while 99.9% pure gold closed at Rs 79,900 per 10 grams.
At the same time, the price of silver reached an all-time high with a tremendous jump of Rs 5,000. Silver prices continued to rise for the fourth consecutive day and it reached a new record level of Rs 99,500 per kg with a jump of Rs 5,000. On Friday, the price of silver closed at Rs 94,500 per kg.
According to traders, gold rose due to the interest rate cut by China's central bank People's Bank of China (PBOC) amid growing conflict in West Asia, as investors are turning to safe investment assets. According to commodity market experts, the main reason for the ongoing boom in the silver market is industrial demand and the rise in gold. Silver's rise looks strong. He said that investors will continue to see the decline as a buying opportunity, which will give good support to silver in the coming sessions. Bullion traders attributed the rise in gold prices to the increase in purchases by local jewelers to meet the increased demand during the festive and wedding season.
In the futures trading of Multi Commodity Exchange (MCX), the gold contract for December delivery rose by Rs 493 to Rs 78,242 per 10 grams. During trading on Monday, gold had risen by Rs 591 to Rs 78,340 per 10 grams. The price of silver contract for December delivery jumped by Rs 2,822 or 2.96 percent to a high of Rs 98,224 per kg. Globally, Comex gold futures rose 0.52 percent to $ 2,744.30 an ounce. Meanwhile, the price of silver futures in the Asian market rose 2.91 percent to a 12-year high of $ 34.20 an ounce.
Jatin Trivedi, Vice President, Commodity & Currency Research Analysis at LKP Securities, said silver prices have reached Rs 98,000 in MCX, supported by Comex silver climbing to $34 an ounce. Crossing the $34 level has triggered fresh buying in silver, as market participants expect further upside. Trivedi said this surge in silver is not only due to its appeal as a more affordable precious metal, but also due to growing demand from the electric vehicle (EV) sector and photovoltaic applications, which are expected to sustain global demand in the medium to long term.
