Gold Price: The price of gold rose by Rs 900 to a lifetime high of Rs 77,850 per 10 grams in the Delhi bullion market on Wednesday amid a rise in the price of precious metals in the global market. The All India Sarafa Association has shared this information. On Tuesday, gold of 99.5 percent purity closed at Rs 76,950 per 10 grams. Silver also rose by Rs 3,000 to Rs 93,000 per kg today due to fresh demand from industrial units and coin makers.
The price of gold may soon cross $3,200 in the international markets
Apart from this, gold of 99.5 percent purity also rose by Rs 900 to an all-time high of Rs 77,500 per 10 grams. In the previous session, gold closed at Rs 76,600 per 10 grams. Surendra Mehta, National Secretary of Indian Bullion and Jewelers Association (IBJA), said that gold prices may cross $ 3,200 an ounce in the international markets in the near future. Pranav Mer, Vice President – Research (Commodity and Currency), BlinkX and JM Financial, said, “Gold prices continue to rise as prices have reached an all-time high of Rs 76,000 per 10 grams in futures trading.
Why is the price of gold increasing
Pranav Meer said, “Weak dollar, expectations of further interest rate cuts from global central banks, demand for safe investments and flow of ETF funds are supporting the prices.” According to traders, gold prices rose due to continuous buying by jewelers and strong trend in international markets.
Gold price reached record high on MCX too
On the other hand, gold contracts for October delivery in MCX futures trading touched a new record high of Rs 997 to Rs 76,000 per 10 grams. However, silver contracts for December delivery fell by Rs 419 to Rs 91,974 per kg. Globally, Comex gold is trading 0.15 per cent higher at $2,681.10 per ounce.
The price of gold is touching new heights everywhere
During the day’s trade, its prices reached a record high of $2,694.89 per ounce in foreign markets. Motilal Oswal Financial Services Ltd Senior Analyst (Commodity Research) Manav Modi said, “Gold prices reached record highs on the Comex as well as on the domestic front due to the recent rise amid continued optimism about US interest rate cuts. At the same time, the focus is also on the signals coming this week and the growing geopolitical tensions.
With PTI inputs…
