In Delhi, the capital of India, the price of gold has increased for the third consecutive day. Due to which the price of gold has exceeded 73 thousand rupees. The special thing is that in the last three days, an increase of 1,000 rupees has been observed in the price of gold. If experts are to be believed, expectations of an interest rate cut by the Federal Reserve in the month of September have increased considerably. Due to which, due to the fall in the yield on Treasury bonds, the dollar index has also experienced a fall. The effect of which is visible on the prices of gold and silver. However, a fall in the price of silver has been observed in Delhi. Let us also tell you what the price of gold and silver has become.
Gold price rises in Delhi
Amid rising prices of the precious metal in the international market, a hike of Rs 300 was seen in the price of gold in the national capital Delhi on Wednesday. Following which the price rose to Rs 73,150 per 10 grams. The yellow metal with a purity of 99.9 per cent closed at Rs 72,850 per 10 grams in the last session on Tuesday. A day ago, a rise of Rs 500 was seen in the price of gold. While on Monday, a rise of Rs 200 was seen. Gaining for the third consecutive session, gold with a purity of 99.9 per cent and 99.5 per cent rose by Rs 300 each to Rs 73,150 and Rs 72,800 per 10 grams respectively. However, according to the All India Bullion Association, silver price declined by Rs 300 to Rs 83,200 per kg from Rs 83,500 per kg at the previous close.
boom in foreign markets
Traders said the rise in gold prices was due to increased domestic demand as well as global influence. Globally, gold is trading at $2,512.30 per ounce on Comex up $4.50 per ounce. Silver also rose to $27.98 per ounce in international markets. Kainaat Chenwala, AVP-Commodity Research, Kotak Securities, said Comex gold is seen near a record high. Gold prices saw a rise for the fifth consecutive day. Gold prices are rising due to weaker dollar and falling US Treasury bond yields. Also, due to geopolitical tensions, there is an increase in demand for gold.
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What the experts say
According to market experts, gold prices are continuously trading strongly after hitting their all-time high. In fact, due to low inflation, expectations of interest rate cuts have increased, due to which the US dollar and Treasury bond yields have declined. Praveen Singh, associate vice president, fundamental currencies and commodities at Sharekhan by BNP Paribas, said that going forward, weak inflation data will increase the chances of the US Federal Reserve (Fed) cutting interest rates and will be positive for gold prices. Singh said that weak Chinese demand is bearish for the yellow metal; however, markets are mainly focused on the US economy and its monetary policy path.
