There has been a rise in the prices of gold and silver in Delhi.
The longest shutdown in American history has once again brought life to gold. There has been a rise in the prices of gold from the international market to the bullion market of Delhi. Experts believe that due to the shutdown there has been a lot of economic uncertainty. There does not seem to be a solution to this problem even in the coming days. On the other hand, due to the fall in the dollar, investors have shown interest in gold. This is the reason why gold in the country’s capital Delhi has once again reached close to Rs 1.25 lakh. On the other hand, silver prices have crossed the level of Rs 1.53 lakh. Let us also tell you what the prices of gold and silver have become in the country’s capital Delhi.
Gold becomes costlier in Delhi
Breaking the trend of two days of decline, gold prices in the country’s capital Delhi increased by Rs 600 to Rs 1,24,700 per 10 grams on Thursday. According to All India Bullion Association, gold of 99.5 percent purity increased by Rs 600 to Rs 1,24,100 per 10 grams (including all taxes). On Tuesday, this metal closed at Rs 1,23,500 per 10 grams. In the local bullion market, gold of 99.9 per cent purity had closed at Rs 1,24,100 per 10 grams in the last market session. Silver prices on Thursday rose by Rs 1,800 to Rs 1,53,300 per kg (including all taxes). On Tuesday it closed at Rs 1,51,500 per kg. Bullion markets remained closed on Wednesday due to the holiday of Prakash Parv Shri Guru Nanak Dev.
Gold prices in international market
In the international market, gold spot rose by $ 28.96 or 0.73 percent to $ 4,008.19 an ounce, while spot silver was trading 1.22 percent higher at $ 48.60 an ounce. In fact, the dollar index, which measures the dollar’s strength against six currencies, fell 0.29 per cent to 99.97 after hitting a multi-month high in the previous session, which also provided a favorable environment for the precious metal. According to experts, gold rose on Thursday due to demand for safe investment and slight fall in the US dollar. The current government shutdown has become the longest in American history, for which there is no solution in sight.
What are the experts saying?
Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said that the US shutdown has created uncertainty in the financial markets, which is benefiting safe haven precious metals. Jatin Trivedi, Vice President Research Analyst (Commodity and Currency), LKP Securities, said optimism over the US-China trade deal could limit further upside in gold prices. Market participants will keep a close eye on the upcoming US manufacturing and non-manufacturing PMI data.