price of gold and silver
Gold prices are continuously increasing in the capital of the country, Delhi. Since then, the Federal Reserve of the US Central Bank has cut interest rates by 50 basis points. Since then, there has been an increase in gold prices. The special thing is that the gold price in Delhi has come close to Rs 77,000. If we talk about the last three days, an increase of Rs 1,400 has been observed in the price of gold. If experts are to be believed, further increases in the price of gold may occur in the coming days. This week, gold prices in Delhi may reach the level of Rs 80,000. Let us also tell you what the price of gold has been in the capital of the country, Delhi.
How expensive did gold become in Delhi?
In the country’s capital Delhi, the price of gold rose by Rs 600 to Rs 76,950 per 10 grams on Monday. The yellow metal with 99.9 per cent purity closed at Rs 76,350 per 10 grams on Friday. If we talk about the last three days, it is easy to see a rise of Rs 1,400 in the price of gold. Apart from this, gold with 99.5 per cent purity also rose by Rs 600 to Rs 76,600 per 10 grams, which was Rs 76,000 at the previous closing price. Traders attributed the rise in gold prices in local markets to rising demand from jewellers and retail sellers.
According to the All India Bullion Association, due to weak buying by industrial units and coin makers, the seven-day bullish trend of silver in the local market was broken. On Monday, the price of silver fell by Rs 1,000 to Rs 90,000 per kg. It had closed at Rs 91,000 per kg in the last session.
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Status of gold in futures markets
On the other hand, gold for October delivery rose Rs 184, or 0.25 per cent, to Rs 74,224 per 10 gram in futures trading on the Multi Commodity Exchange (MCX). On the exchange, silver contracts for December delivery fell Rs 1,035, or 1.15 per cent, to Rs 89,100 per kg. In global markets, Comex gold rose 0.04 per cent to $2,647.30 per ounce. However, in Asian trading hours, silver fell to $30.96 per ounce.
What the experts say
Chintan Mehta, chief executive officer of Abans Holdings, said that due to the weak US dollar and falling Treasury yields after the Federal Reserve cut 50 basis points in rates, gold prices have risen 27 per cent this year, touching the highest level ever. Mehta said that due to rising geopolitical tension, especially in the Middle East, investors are turning to safe haven assets. Saumil Gandhi, senior commodity analyst at HDFC, said that gold hit a new record high on Monday due to stable US dollar and sustained demand for exchange-traded funds.
