Amid rising global precious metal prices, the price of gold at the Delhi bullion market rose by Rs 700 to Rs 76,350 per 10 grams on Friday. In the last trading session, gold with 99.9 per cent purity closed at Rs 75,650 per 10 grams. However, the price of silver remained stable at Rs 91,000 per kg on Friday. According to the All India Bullion Association, the price of gold with 99.5 per cent purity rose for the third consecutive session and on Friday it rose by Rs 700 to Rs 76,000 per 10 grams.
Because of this, prices increased.
It had earlier closed at Rs 75,300 per 10 grams. Traders in local markets attributed the rise in precious metal prices to increased demand from jewellers and stockists due to the upcoming festival and wedding season. On the other hand, in the Multi Commodity Exchange (MCX) futures trade, the contract price of gold for October delivery rose by Rs 341, or 0.46 per cent, to Rs 73,779 per 10 grams.
On the exchange, the price of silver contract for delivery in December rose by Rs 145, or 0.16 per cent, to Rs 90,113 per kg. India’s gold imports more than doubled to a record $10.06 billion in August due to sharp cuts in customs duties and festive demand, according to data from the commerce ministry. A year ago, in August 2023, gold worth $4.93 billion was imported. In the budget, the government had reduced duty on gold import from 15 per cent to six per cent. After China, India is the second largest gold consumer in the world.
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What is the condition of the international market?
In international markets, Comex gold futures were trading at $2,632.90 per ounce down 0.70 per cent. Manav Modi, senior commodity research analyst at Motilal Oswal Financial Securities Ltd., said gold prices rose over one per cent after the US Federal Reserve initiated the rate cutting phase, taking it to a record high. Silver was also trading at $31.54 per ounce during Asian trading hours.
