The price of gold broke all records during the festival season on Wednesday. In the national capital, gold price rose by Rs 250 to Rs 78,900 per 10 grams. With this it has reached its most expensive price till date. In the last session on Tuesday, this precious metal had closed at Rs 78,650 per 10 grams. According to PTI news, silver also rose by Rs 1,000 to Rs 93,500 per kg. On Tuesday it closed at Rs 92,500 per kg.
99.5 percent purity gold
According to the news, gold has got excellent support due to continuous buying by jewelers. Silver also jumped due to fresh buying by industrial units and coin makers. Meanwhile, gold of 99.5 per cent purity jumped Rs 250 to hit a new record high of Rs 78,500 per 10 grams, according to the All India Bullion Association, while the previous closing price was Rs 78,250 per 10 grams. Traders attributed the rise in gold prices to strong demand from local jewelers.
Investors moving towards safe investment assets
The fall in equity markets also boosted the rise in the yellow metal as investors moved towards safe investment assets like gold. Gold contracts for December delivery rose by Rs 268, or 0.35 per cent, to Rs 76,628 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). On the exchange, silver contracts for December delivery rose by Rs 580, or 0.63 per cent, to Rs 92,203 per kg.
gold in mcx
Gold prices remained higher with gains in MCX, while Comex gold was trading above US$2,675. Research analyst Jatin Trivedi, vice president of commodities and currencies at LKP Securities, said traders are bracing themselves on expectations that the Federal Reserve will stick to its path of cutting interest rates. This has created a bullish sentiment around the yellow metal, which had reached a record high in September. Traders expect a slow pace of interest rate cuts by the Fed.
comex gold futures price
In international markets, Comex gold futures rose 0.51 per cent to $2,692.50 an ounce. Mixed comments from US Federal Reserve officials have kept market participants worried. According to commodity experts, lower expected interest rates are a bullish sign for gold prices as they reduce the opportunity cost of holding the non-interest paying asset. In the Asian market, silver rose 0.91 percent to $ 32.05 an ounce.
