The price of gold and silver is not slowing down. Gold is becoming more expensive for six consecutive days. Both precious metals again reached new fresh all-time highs on Wednesday. In view of the festival and wedding season, the demand for gold has also increased. According to the All India Bullion Association, gold and silver prices touched new record highs in the national capital, rising for the sixth consecutive session. Gold price rose by Rs 500 to Rs 81,500 per 10 grams, while silver rose by Rs 1,000 to Rs 1.02 lakh per kg. According to PTI news, silver prices have increased by Rs 10,000 per kg in the last six trading sessions. Since October 16, gold has increased by Rs 2,850 per 10 grams.
Price of gold of 99.9% and 99.5% purity
On Wednesday, prices of gold of 99.9 percent and 99.5 percent purity rose by Rs 500 each to Rs 81,500 per 10 grams and Rs 81,100 per 10 grams, respectively. The price of silver rose by Rs 1,000 to Rs 1.02 lakh per kg, while on Tuesday its price had closed at Rs 1.01 lakh per kg. Uncertainty over the outcome of the upcoming US presidential elections is playing a role in keeping gold prices higher.
Prices had decreased after reduction in basic customs duty
According to Narinder Wadhwa, MD, SKI Capital, silver prices touching Rs 1 lakh in the physical market and on MCX is a clear reflection of multiple factors like seasonal demand in India and geopolitical risks from the West Asia conflict. In July, gold and silver prices fell by a sharp 7 per cent in local markets after the government cut basic customs duty on gold and other metals. However, bullion prices rose due to increased demand from Indian consumers due to ongoing festivals, expectations of interest rate cut in the US and increased geopolitical tensions.
Gold price in futures market
Gold contracts for December delivery rose by Rs 112, or 0.14 per cent, to Rs 78,768 per 10 grams in futures trade on MCX. During the day the precious metal had jumped Rs 263 or 0.33 per cent to hit an all-time high of Rs 78,919 per 10 grams. Gold prices saw another positive move due to gains in COMEX, where gold reached near US $ 2,750. Due to this, the price of gold on MCX remained above Rs 78,750, indicating the underlying bullish sentiment.
