Gold prices have broken all records in the capital of the country, Delhi. A day earlier on Tuesday, there was no change in the gold prices in the Delhi bullion market, but on Wednesday it reached very close to Rs 78 lakh. On the other hand, there has been a tremendous increase in the price of silver. On Wednesday, a rise of Rs 3,000 was seen in the price. According to experts, gold prices are increasing due to the interest rate cut by the Federal Reserve and geopolitical tensions. On the other hand, the increase in silver prices is due to the increase in industrial demand from China. Let us also tell you what the gold and silver prices have become in the capital of the country, Delhi.
Gold broke record in Delhi
Amid rising prices of precious metals in global markets, the price of gold in the bullion market in the national capital Delhi on Wednesday rose by Rs 900 to hit a new record high of Rs 77,850 per 10 grams. On Tuesday, gold with 99.5 per cent purity closed at Rs 76,950 per 10 grams. Apart from this, gold with 99.5 per cent purity also rose by Rs 900 to hit an all-time high of Rs 77,500 per 10 grams. In the last session, gold closed at Rs 76,600 per 10 grams. Silver rose by Rs 3,000 to Rs 93,000 per kg on fresh purchases by industrial units and coin makers. At the last closing price, silver had closed at Rs 90,000 per kg.
Gold on MCX and foreign markets.
On the other hand, in MCX futures trading, gold contracts for October delivery hit a new record high of Rs 997 and touched Rs 76,000 per 10 grams. However, silver contracts for December delivery fell by Rs 419 to Rs 91,974 per kg. Globally, gold on Comex is trading 0.15 per cent higher at $2,681.10 per ounce. On the day, its prices in overseas markets touched an all-time high of $2,694.89 per ounce. Silver also rose to $32.15 per ounce in Asian trading hours.
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What do the experts say?
Surendra Mehta, national secretary of the Indian Bullion and Jewellers Association (IBJA), said that in the near future, gold prices in international markets could cross $3,200 per ounce. Pranab Mer, vice president, Research (Commodities and Currency), BlinkX and JM Financial, said that the rise in gold prices continues as prices have touched an all-time high of Rs 76,000 per 10 grams in futures trading.
He said prices were supported by a weak dollar, expectations of further interest rate cuts by global central banks, demand for safe-haven investments and inflows into ETF funds. According to traders, gold prices rose due to continued buying by jewellers and strong trend in international markets.
Manav Modi, Senior Analyst (Commodity Research) at Motilal Oswal Financial Services Limited, said gold prices touched record highs on the COMEX and domestic front due to the recent rally amid continued optimism over the US interest rate cut. Moreover, the focus has also been on the cues coming this week and rising geopolitical tensions.
