Along with the strengthening trend in the international market, a good rise in the price of gold is being seen in the Delhi bullion market. According to the data, the price of gold has reached close to Rs 76,000 in Delhi. On the other hand, the price of silver rose on Tuesday as compared to the fall on Monday. Thus, the price has crossed Rs 94,000. As for the overseas markets, a good rise is being seen in both gold and silver. Let us also tell you how much the price of gold has risen from Delhi to New York.
Gold and silver price in Delhi
In the bullion market in the capital Delhi on Tuesday, gold strengthened by Rs 550 and closed at Rs 75,700 per 10 grams. According to the All India Bullion Association, gold closed at Rs 75,150 per 10 grams on Monday. In the national capital, the price of gold with 99.9 per cent and 99.5 per cent purity increased to Rs 75,700 per 10 grams and Rs 75,350 per 10 grams respectively. Traders attributed the rise in gold prices to the increase in demand from local jewellers and retailers in the domestic market. Apart from this, the price of silver also increased by Rs 400 to Rs 94,400 per kg. It had closed at Rs 94,000 per kg in the last session.
What do the experts say?
Manav Modi, senior analyst (commodity research) at Motilal Oswal Financial Services Limited (MOFSL), said gold and silver prices saw a surge amid expectations of interest rate cuts. He said no major data was finalised on Monday; however, US Federal Reserve chief Jerome Powell’s comments continued to make headlines. Powell said the second quarter data has given policymakers confidence that inflation is moving towards the central bank’s target of two per cent. He reiterated that the US central bank is in no hurry to cut rates but also expressed concerns over the weakness in the labour market and a widening deficit.
price in foreign markets
On the overseas front, spot gold on Comex was quoted at $2,436 per ounce, up $28 per ounce from the previous day. Apart from this, silver also rose to $30.77 per ounce. It had closed at $30.68 per ounce in the last session. HDFC Securities Research Analyst Dilip Parmar said that gold prices rose amid ETF demand and speculative buying as global gold prices neared record levels.
