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Forget gold…now wait for silver sir, the price went up by 2600 rupees in just 6 hours!

Sagar Patel

By Sagar Patel

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Record rise in silverImage credit source: Unsplash

Gold has always been the best and safest means of investment. It remains one of the safest assets in the world. Therefore, as soon as clouds of uncertainty begin to emerge over the economic level, both the demand and the price of gold increase. If you want to invest in gold, by all means do so, but also take a look at the price of silver. On Friday, its price increased by Rs 2,600 per kg in the Delhi bullion market in just 6-7 hours of trading.

On Friday, the price of silver in the Delhi bullion market increased by Rs 2,600 to reach Rs 95,900 per kg. While in the price of gold an increase of only 150 rupees was observed. The price of gold reached Rs 73,650 per 10 grams. If you look at the price on Thursday, the gold price closed at Rs 73,500 per 10 grams. While the price of silver closed at Rs 93,300 per kg.

After all, why leave the gold and keep the silver?

The value of gold and silver is not discussed here. Rather, it talks about the return on your investments. This can be understood from the fact that if you had bought gold worth Rs 1 lakh on Friday when the market opened, you would have earned a return of around Rs 250 when the market closed in the evening. While silver is worth Rs 1 lakh, its return in 6 hours would be around Rs 3,000.

The question does not end here… silver is also called the metal of the future. The industrial use of silver is increasing because it is an excellent conductor of electricity. The need for silver in everything from solar panels to semiconductors has increased, so its demand has increased. That is why silver prices continually increase.

Why are silver prices rising?

An increase in silver prices has been observed amid the strengthening trend in the global market. According to HDFC Securities, the price of silver has strengthened for the second day in a row. Saumil Gandhi, senior analyst at HDFC Securities, says the spot price of gold (24 carats) in the Delhi market was Rs 73,650 per 10 grams. While the price of silver reached Rs 95,900.

Saumil Gandhi attributes this increase in the price of precious metals to the weakening of the dollar and macroeconomic data from the United States. Along with this, the European Central Bank’s interest rate cut and the RBI’s failure to change interest rates in India have also affected bullion prices.

What is the condition of the international market?

The spot price of gold in the international Comex bullion market was $2,366 per ounce. This is $6 more than Thursday’s closing price. At the same time, the price of silver is also trading at $31.05 per ounce. On Thursday it closed at $30.30 an ounce.

However, on MCX the silver price reached Rs 94,610 per kg and the gold price reached Rs 73,516 per 10 grams.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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