The price of gold in the country has risen for the second consecutive day. An increase of Rs 700 has been observed in the price of gold in two days. Due to which the price of gold has reached close to Rs 73 thousand per ten grams. According to experts, the demand for gold has increased due to tensions in the Middle East and the signal of interest rate cut by the Federal Reserve. Due to which a rise in prices is being seen. Further increases in the price of gold are likely to be observed in the coming days. On the other hand, there is no change in the price of silver. Let us also tell you what the prices of gold and silver have become in the capital of the country, Delhi.
How much was the price of gold in Delhi?
Amid strong global market cues and rising domestic demand, gold prices rose by Rs 500 to Rs 72,850 per 10 grams in the national capital Delhi on Tuesday. In the previous session, the precious metal with 99.9 per cent purity closed at Rs 72,350 per 10 grams, up by Rs 200 on Monday. However, according to the All India Bullion Association, silver prices remained stable at Rs 83,500 per kg on Tuesday. While a day earlier, a rise of one thousand rupees was seen in the price of silver. 99.5 per cent gold also rose by Rs 500 to Rs 72,500 per 10 grams compared to the previous close.
What is the price in foreign markets?
Traders attributed the rise in gold prices to increasing demand from retail buyers and jewellers. In the overseas market, gold was quoted at $2,502.70 per ounce, up $1.30 per ounce. However, in international markets, silver fell to $27.81 per ounce. On Tuesday, gold was considered a safe haven, so demand was high and prices were rising.
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Why is the price of gold increasing?
Saumil Gandhi, senior analyst at HDFC Securities (commodities), said there were concerns that Iran might attack Israel earlier this week due to which there was a surge in demand for gold and a rise in prices. Gold on Comex rose 1.2 per cent to 2,504 on Monday on the back of rising tensions in the Middle East and a fall in US Treasury yields and expectations of an interest rate cut by the US Federal Reserve at its meeting on September 18, according to Kainat Chainwala, AVP-Commodity Research, Kotak Securities. The US dollar per ounce hit an all-time high.
