Voting for the US Presidential post has started and on the other hand, the price of gold is increasing from New York to Delhi. Where gold has once again moved towards record high in Delhi. On the other hand, an increase of Rs 1300 has been seen in the price of silver. According to experts, due to instability in the American elections, investors from all over the world are moving towards safe havens. Due to which the prices of gold are increasing. On the other hand, the Fed Reserve meeting is also going to start and there is doubt among investors whether there will be a cut in interest rates or not. Due to which there is instability in gold prices. Let us also tell you what the prices of gold have become from New York to New Delhi.
Gold and silver became expensive in Delhi
According to All India Bullion Association, gold prices rose by Rs 200 to Rs 81,300 per 10 gram in the national capital on Tuesday amid fresh buying by local jewelers and retailers and strong global trends. Gold of 99.5 percent purity rose by Rs 200 to Rs 80,900 per 10 grams, which had closed at Rs 80,700 per 10 grams on Monday. The precious metal of 99.9 per cent purity fell by Rs 1,300 from its record high to Rs 81,100 per 10 grams in the national capital on Monday. On Tuesday, silver jumped by Rs 1,800 to Rs 96,700 per kg. In the last session it had closed at Rs 94,900 per kg. Traders attributed the rise in prices of the yellow metal to pick up in demand from local jewelers and retailers in the domestic market.
Gold price in MCX and foreign markets
Meanwhile, gold for December delivery slipped Rs 18, or 0.02 per cent, to Rs 78,404 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). During the day, the precious metal touched a high of Rs 78,580 per 10 grams and a low of Rs 78,191 per 10 grams. However, silver contracts for December delivery rose by Rs 239, or 0.25 per cent, to Rs 94,523 per kg. In international markets, Comex gold futures rose US$1.50 an ounce, or 0.05 per cent, to US$2,747.70 an ounce. In Asian market hours, Comex silver futures were trading 0.37 per cent higher at US$32.73 an ounce.
What are the experts saying?
Jatin Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said that gold prices are currently seen struggling around the level of Rs 78,500. On the other hand, gold is seen struggling in the international market at around US $ 2,745-2,750 per ounce. In fact, investors seem to be exercising great caution in view of the US elections. Apart from this, gold prices are expected to remain volatile throughout the week due to the US Federal Reserve’s decision to cut interest rates on November 7.
According to Kaynat Chenwala, AVP-Commodity Research, Kotak Securities, COMEX gold rose on Monday, supported by safe-haven demand after recent polling data pointed to a tight race in the US presidential race. Is. Last week, gold reached a new lifetime high of US $ 2,801.80 an ounce amid a hotly contested election. Chainwala said, however, that strong US economic data has raised hopes that the Federal Reserve may adopt a cautious approach towards monetary easing, due to which gold retreated from its high level.
