Before Diwali, there is a continuous increase in the prices of gold and silver. Where the price of gold in Delhi has increased to more than Rs 81 thousand. On the other hand, the price of silver has crossed Rs 1 lakh. According to All India Bullion Association, the price of gold and silver has been increasing for 6 consecutive days. Due to which gold and silver prices are trading at record levels.
According to the report, the price of gold and silver is increasing due to the increasing demand during the festive and wedding season. Which can be seen even more in the coming days. Let us also tell you how much increase has been seen in the prices of gold and silver in Delhi and what has been the price of gold and silver.
According to All India Bullion Association, there has been an increase for the 6th consecutive day and the prices of gold and silver in Delhi reached a new record high on Wednesday. Gold prices jumped by Rs 500 to reach an all-time high of Rs 81,500 per 10 grams. Prices of gold of 99.9 per cent and 99.5 per cent purity rose by Rs 500 each to Rs 81,500 per 10 grams and Rs 81,100 per 10 grams, respectively. Silver jumped by Rs 1,000 to a new high of Rs 1.02 lakh per kg, which had closed at Rs 1.01 lakh per kg on Tuesday.
According to All India Bullion Association, the prices of gold and silver have been rising for 6 consecutive trading days. On October 15, the price of gold was Rs 78,650 per ten grams, which has increased to Rs 81,500 per ten grams. This means that in 6 days, an increase of Rs 2,850 i.e. 3.62 percent has been seen in the prices of gold. If we talk about silver, a tremendous increase has been seen. On October 15, the price of silver in Delhi was Rs 92,500 per kg. Which has increased to Rs 1,02,500. This means that an increase of 10,000 i.e. 11 percent has been seen in the price of silver.
In MCX futures trading, gold contract for December delivery increased by Rs 112 to Rs 78,768 per 10 grams. During the day, gold rose by Rs 263 to reach an all-time high of Rs 78,919 per 10 grams. Due to the rise in Comex, another positive change was seen in the prices of gold, where gold reached close to $ 2,750. This helped gold in MCX to remain above Rs 78,750.
Meanwhile, the price of silver contract for December delivery fell by Rs 456 to Rs 99,516 per kg. Earlier during the day's trading, silver in MCX had risen by Rs 109 or 0.11 per cent to reach a life time high of Rs 1,00,081 per kg. Globally, Comex gold futures were trading 0.17 percent higher at $ 2,764.50 an ounce. However, in Asian markets, silver fell by 0.86 percent and was quoted at $ 34.74 an ounce. During trading, silver reached a new peak of $ 35.05 per ounce.
According to Narinder Wadhwa, MD of SKI Capital, silver prices reaching Rs 1 lakh on physical market and MCX are clearly visible due to many factors like seasonal demand in India and geopolitical risk due to West Asia conflict. In July, after the government imposed basic custom duty on gold and other metals, the prices of gold and silver in the local markets fell sharply by 7 percent.
However, bullion prices have seen a rise due to increased demand from Indian consumers due to ongoing festivals, expectations of rate cut in America and increasing geo-political tension. Jatin Trivedi, vice president research analyst (commodity and currency) at LKP Securities, said the ongoing favorable interest rate cycle has been one of the main factors supporting gold's rise. Apart from this, uncertainty regarding the outcome of the upcoming US presidential election is also playing a role in keeping gold prices high, Trivedi said.
