Gold has broken all records in the country’s capital Delhi amidst vigorous buying just before Diwali. Due to the rise in the price of gold in Delhi, the price has reached Rs 82 thousand. On the other hand, an increase in the price of silver has also been seen. On the other hand, there has been an increase in the price of silver for the 5th consecutive day and the price has once again crossed Rs 1 lakh. Let us also tell you what the prices of gold and silver have become in the country’s capital Delhi.
Delhi Umne Gold broke all records
For the first time on Wednesday, in the country’s capital Delhi bullion market, the price of gold rose by Rs 1,000 and reached a long time high of Rs 82,000 per 10 grams. According to All India Bullion Association, gold of 99.9 percent purity rose by Rs 1,000 to a new peak of Rs 82,400 per 10 grams in Delhi. In the local markets, gold of 99.5 percent purity also rose by Rs 1,000 to reach an all-time high of Rs 82,000 per 10 grams. In the last session, gold of 99.9 percent and 99.5 percent purity had closed at Rs 81,400 and Rs 81,000 per 10 grams respectively.
Traders attributed the sharp rise in gold prices to heavy buying by local jewelers to meet rising demand during Diwali as well as a firm global trend amid uncertain geopolitical situation ahead of the US presidential elections. The price of gold has increased by 35 percent since October 29 last year to Rs 82,400 per 10 grams. At that time the price of gold was Rs 61,200 per 10 grams.
Silver crosses one lakh rupees
Meanwhile, continuing its rise for the fifth consecutive day, silver also jumped by Rs 1,300 to Rs 1.01 lakh per kg, whereas in the previous trading session its price was Rs 99,700 per kg. The price of silver is at Rs 1,01,000 per kg, up 36 percent since October 29 last year. Last year at this time the price of silver was Rs 74,000 per kg. In international markets, Comex gold futures were trading at $ 2,797.90 an ounce, up 0.60 percent or $ 16.80 an ounce.
What are the experts saying?
According to Manav Modi, commodity research analyst at Motilal Oswal Financial Services Ltd, rising political uncertainty in the US and Japan as well as expectations of more signals on interest rates are boosting demand for gold as a safe-haven option. Prices reached record highs. Bullion markets were bearish earlier this week as Israel’s less serious attack on Iran raised some hopes of easing tensions in West Asia.
