A jump was recorded in the prices of gold and silver on Tuesday, the day of Dhanteras. In the national capital, gold prices rose by Rs 300 to Rs 81,400 per 10 grams, close to its all-time high. Similarly, silver price rose by Rs 200 to Rs 99,700 per kg. According to PTI news, it closed at Rs 99,500 per kg on Monday. Traders said they are ignoring traditional buying of gold at current levels and preferring silver coins for token purchases.
The rise came due to these reasons
According to the news, gold and silver prices remained firm due to heavy Dhanteras demand from jewelers and retailers and increasing demand from industrial units and coin manufacturers. According to the All India Bullion Association, gold of 99.5 per cent purity jumped Rs 300 to near its all-time high of Rs 81,000 per 10 grams. On Monday, the precious metal of 99.9 per cent and 99.5 per cent purity had closed at Rs 81,100 and Rs 80,700 per 10 grams.
How was the price in the futures market today?
In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery traded higher by Rs 178, or 0.23 per cent, at Rs 78,744 per 10 grams. Jatin Trivedi, VP Research Analyst – Commodity & Currency, LKP Securities, said gold prices on MCX remained positive as Dhanteras boosted enthusiasm for long positions. There was more buying on this auspicious day, due to which the prices on MCX increased and the prices were trading above Rs 80,000 in the physical jewelery market. Silver contracts for December delivery on MCX rose by Rs 786, or 0.81 per cent, to Rs 98,210 per kg.
Know the expert’s opinion also
HDFC Securities Senior Analyst (Commodities) Saumil Gandhi said gold hit a record high in European trading hours on Tuesday amid concerns about the US presidential election and the growing US debt crisis, boosting demand for safe haven investments. Investment in precious metals is increasing. According to Pranav Mer, Vice President (Research), BlinkX and JM Financial, gold is trading positively with buying on every small correction in the last three trading sessions. Meir said this week the focus will be on the US presidential election and the Federal Reserve’s monetary policy results next week. Deveya Gaglani, Research Analyst (Commodities), Axis Securities, said traders turned to safe-haven assets due to the ongoing war between Russia and Ukraine, geopolitical tensions in the Middle East and the Fed’s biggest rate cut of 50 basis points in four years. Assets have increased, increasing the appeal of the precious metal.
