Sona’s enthusiasm remains high. In the bullion market of the national capital on Friday, gold rose by Rs 550 to reach a record level of Rs 79,900 per 10 grams. In the last trading session, gold of 99.9 percent purity had closed at Rs 79,350 per 10 grams. For the third consecutive day, gold of 99.5 percent purity rose by Rs 550 to reach a new high of Rs 79,500 per 10 grams. In the previous session, it had closed at Rs 78,950 per 10 grams. Meanwhile, silver jumped by Rs 1,000 to Rs 94,500 per kg. On Thursday, silver was stable at Rs 93,500 per kg. Indian Bullion Association has given this information.
gold in futures trading
According to the news, due to strong demand during festivals, an upward trend was seen in both the metals. In futures trade, the price of gold for December delivery stood at Rs 77,620 per 10 grams on the Multi Commodity Exchange (MCX). During trading, gold futures had reached an all-time high of Rs 77,667 per 10 grams. Market experts said the demand for precious metals in the domestic market has reached a record level with the increase in purchasing by customers during festivals.
Investors are looking at gold as a safe investment option
Amidst the ongoing tension in West Asia and uncertainty due to the upcoming US presidential elections, investors are considering gold as a safe investment option. On MCX, silver for December delivery rose by Rs 1,231, or 1.34 per cent, to Rs 92,975 per kg. Manav Modi, Senior Analyst (Commodity Research), Motilal Oswal Financial Services Limited, said that just a few weeks before the presidential elections in the US, gold prices reached record levels in the commodity market and on the domestic front due to demand for safe investments.
Besides, the reduction in interest rates by the European Central Bank also helped in this. Globally, gold futures rose 0.76 percent to $ 2,728.10 an ounce in the commodity market. In the Asian market, silver futures rose 1.70 percent to $ 32.32 an ounce.
