Gold Price Rise: Due to huge festive shopping by jewelers and retailers before Dhanteras, a huge rise in gold prices was seen in the bullion market of the national capital Delhi on Friday. Gold jumped by Rs 3,200 to reach a new high of Rs 1,34,800 per 10 grams. This information was given by All India Bullion Association. However, the price of silver fell by Rs 7,000.
gold on new record
In the last session, gold of 99.9 percent purity had closed at Rs 1,31,600 per 10 grams. At the same time, gold of 99.5 percent purity also increased by Rs 3,200 to reach Rs 1,34,200 per 10 grams (including all taxes). According to traders, in view of Dhanteras and Diwali purchases, stockists made large-scale purchases, which led to a rise in prices.
Dhanteras will be celebrated on Saturday and Diwali on Monday. Traditionally, buying precious metals on the day of Dhanteras is considered auspicious, due to which the demand increases at this time every year. Apart from seasonal demand, safe-haven buying by central banks and investors has also strengthened the prices.
falling price of silver
Jatin Trivedi, VP and Research Analyst (Commodity and Currency), LKP Securities, says that due to the possible shutdown of the US government and the dollar index falling below 99, investors have turned to gold as a safe investment. He further said that due to the ongoing uncertainty in the US economy and delay in economic data, the bullish trend in gold is likely to continue.
On the other hand, silver prices fell by Rs 7,000 to Rs 1,77,000 per kg (including all taxes), from Rs 1,84,000 per kg in the previous session.
In global markets, spot gold fell 0.52 per cent to $4,303.73 an ounce on Friday after hitting a record high of $4,379.29 an ounce in the previous session. At the same time, silver spot fell by 1.32 percent to $ 53.43 per ounce, which had reached $ 54.48 per ounce for some time.
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