Gold and silver created a ruckus in the bullion market on Monday. Today gold rose by Rs 750 to reach a record high of Rs 80,650 per 10 grams in the national capital. This is the new fresh all time high rate till now. Apart from this, silver also made a huge splash today and directly became costlier by Rs 5000 per kg. Today, the price of silver in Delhi jumped from Friday’s price of Rs 94,500 per kg to a new record level of Rs 99,500 per kg. According to PTI news, All India Bullion Association gave this information. On Friday, gold of 99.5 percent purity had closed at Rs 79,500 per 10 grams, while gold of 99.9 percent purity had closed at Rs 79,900 per 10 grams.
Due to this there was an explosion in prices
According to the news, commodity market experts say that the main reason for the ongoing rise in the silver market is industrial demand and the rise in gold. The rise of silver looks strong. He said investors will continue to view the decline as a buying opportunity, which will provide good support to the white metal in the coming sessions. Besides, gold of 99.5 per cent purity rose by Rs 750 to hit a new record high of Rs 80,250 per 10 grams. Bullion traders attributed the rise in gold prices to increased buying by local jewelers to meet increased demand during the festive and wedding season, which supported the rise in prices of the yellow metal.
gold in futures market today
The positive trend in foreign markets along with the fall in stock markets boosted the safe investment appeal of gold. Gold contracts for December delivery rose by Rs 493, or 0.63 per cent, to Rs 78,242 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). The precious metal had risen by Rs 591, or 0.76 per cent, to Rs 78,340 per 10 grams during the day on Monday. Silver contracts for December delivery gained Rs 2,822, or 2.96 per cent, to hit an all-time high of Rs 98,224 per kg.
What do market experts say
Jatin Trivedi, Vice President Research Analyst – Commodity & Currency, LKP Securities, said crossing the $34 level has led to fresh buying interest in silver as market participants expect further upside. He said the rally in silver is driven not only by its appeal as a more affordable precious metal, but also by growing demand from the electric vehicle (EV) sector and photovoltaic applications, which should help sustain global demand in the medium to long term. are supposed to. Globally, Comex gold futures rose 0.52 per cent to 2,744. It became $30 per ounce.
Gold hit another fresh all-time high in European trading hours on Monday, trading near the $2,730 level, supported by safe-haven assets and support from western central banks, said Saumil Gandhi, senior analyst – commodities, HDFC Securities. The move was driven by the prospects of ongoing monetary easing. Gold in the US is contributing to an increase in the risk premium on bullion. Gandhi said that in times of uncertainty, gold has become a safe haven for buyers. Meanwhile, in the Asian market, silver futures rose 2.91 percent to a 12-year high of $34.20 an ounce.
