Big jump in gold pricesImage credit source: Unsplash
In the last three trading days, a rise of Rs 1,300 has been seen in gold prices in the country’s capital Delhi. The special thing is that a slight drop of Rs 50 in the price of gold was observed on Tuesday. In fact, there has been an increase in the price of gold since October 10. On the other hand, a large drop has been observed in the price of silver. If experts are to be believed, there will be an increase in the price of gold in the coming days. It is estimated that by Diwali in Delhi, the price of gold may reach the level of 80 thousand rupees per ten grams…
Gold became cheaper in Delhi
After fresh selling by stockists and retailers, gold prices fell below the all-time high on Tuesday in the bullion market in the country’s capital Delhi. It fell by Rs 50 and settled at Rs 78,650 per 10 grams. According to the All India Bullion Association, the price of gold with 99.9 per cent purity rose by Rs 200 to an all-time high of Rs 78,700 per 10 grams on Monday. Apart from this, gold with 99.5 per cent purity decreased by Rs 50 to Rs 78,250 per 10 grams. On Monday it closed at Rs 78,300 per 10 grams and reached its record level. Silver price fell by Rs 1,000 to Rs 92,500 per kg, while it had last closed at Rs 93,500 per kg. Traders attributed the fall in gold prices to weak demand from local jewelers.
Increase of Rs 1300 from October 10
If we talk from October 10 onwards, an increase of Rs 1,300 per ten grams has been observed in gold prices. This means that in the last three trading days there has been an increase in gold prices in the Delhi bullion market. On October 10, the price of gold stood at Rs 77,350 per ten grams. Which reached Rs 78,650 per ten grams on Tuesday. This means that the price of gold has seen an increase of Rs 1,300.
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Gold and silver on MCX
In Multi Commodity Exchange (MCX) futures trading, the price of gold for December delivery rose by Rs 54, or 0.07 per cent, to Rs 76,100 per 10 grams. However, the price of silver contracts for December delivery on MCX fell by Rs 101, or 0.11 percent, to Rs 90,635 per kg. Globally, Comex gold futures rose 0.16 percent to $2,669.90 an ounce. In overseas markets, silver rose 0.08 percent to $31.34 an ounce.
what the experts say
Manav Modi, senior commodities research analyst at Motilal Oswal Financial Services Limited, said investors are waiting for more signals from the Federal Reserve on US interest rates. This led to stability in gold prices. Modi said continuing concerns over the West Asian conflict also kept up demand for safe havens. In addition to this, the sharp rise in the dollar index and US bond yields also influences the prices. He said this week the focus will be on US retail sales, IIP and China’s GDP data, which will guide bullion prices.
