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Silver rose by Rs 1,400 in just 6 hours, record rise for gold

Sagar Patel

By Sagar Patel

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Record growth in silver prices. Image credit source: Unsplash

Gold has always been considered a safe investment and now silver prices are also setting new records every day. On Thursday, the price of silver rose by Rs 1,400 in just 6 hours of trading in the local bullion market. While record growth was also observed in the price of gold.

The price of gold in the Delhi bullion market on Thursday touched Rs 680 per 10 grams. It reached Rs 73,500 for 10 grams. Similarly, the price of silver increased by Rs 1,400 and reached Rs 93,300 per kg. On Wednesday, the gold price closed at Rs 72,820 per 10 grams. While the price of silver was Rs 91,900 per kg.

Why are gold and silver prices rising?

There is continued strengthening in gold and silver prices. The main reason for this is the increase in precious metal prices in international markets. The reason for the increase in the price of silver is also the increase in its industrial demand. Gold and silver are used in electronic products, from semiconductors to solar panels.

In this regard, Saumil Gandhi, senior analyst at HDFC Securities, says that amid signs of boom in the external market, an increase of Rs 680 has been observed in the price of 24 carat gold and Rs 1,400 in the price of cash money. Delhi market.

Saumil Gandhi says there has been a drop in the yield of the US bond market. While mixed trends have been observed in macroeconomic data related to the United States economy. The effect of the European Central Bank’s monetary policy data will be seen on gold and silver rates in the coming days.

Price of gold and silver in the international market.

On Comex, the international gold and silver market, the price of gold stood at $2,360 per ounce, $28 higher than the previous closing price. The price of silver also remained at $30.30 per ounce. While on the last trading day the price of silver was $29.75 per ounce.

An increase of Rs 662 has been observed in the price of gold on MCX, India’s leading commodity market. It has reached the price of Rs 73,180 per 10 grams. While the price of silver has increased by Rs 3,127 to Rs 93,571 per kg.

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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