Gold prices are doing wonders during the wedding season. There has been a tremendous rise in the price of gold in the country’s capital Delhi. On the other hand, due to the entry of nuclear missiles in Ukraine Russia war, the demand for safe haven has increased. Due to which there has been a rise in the prices of gold in the international market. After which the prices of gold in Delhi have suddenly crossed Rs 79 thousand. On the other hand, no change has been seen in the price of silver. At present the price of silver in Delhi is at Rs 93 thousand. On the other hand, there is a rise in the prices of gold and silver on the Multi Commodity Exchange. 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
According to All India Bullion Association, gold prices rose by Rs 1,400 to Rs 79,300 per 10 grams in the national capital Delhi on Thursday due to fresh purchases by jewelers and retailers. In the last session, gold prices had closed at Rs 77,900 per 10 grams. The price of gold of 99.5 percent purity increased by Rs 1,400 to Rs 78,900 per 10 grams on Wednesday, which had closed at Rs 77,500 per 10 grams on Wednesday. However, no change was seen in the price of silver on Thursday. At present, the price of silver in Delhi was seen at Rs 93,000 per kg.
MCX also bullish
Meanwhile, a good rise in gold prices has also been seen on the Multi Commodity Exchange. Gold for December delivery rose by Rs 568 or 0.75 per cent to Rs 76,602 per 10 grams. During the trading session, the price of gold also reached the day’s high of Rs 76,728. On MCX, silver contracts for December delivery rose by Rs 318, or 0.35 per cent, to Rs 90,407 per kg. Globally, gold futures on Comex jumped $19.80 an ounce, or 0.74 per cent, to $2,695.40 an ounce. In the Asian market, silver also increased by 0.29 percent to US $ 31.53 per ounce.
Ukraine became the biggest reason for Russia war
In view of the threat of use of nuclear weapons in the Russia-Ukraine war, the demand for safe haven has increased significantly due to geopolitical tension. Due to which the prices of gold have increased significantly. Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said that reports of rising tensions and global unrest have pushed up gold prices on Comex. Uncertainty regarding the situation is supporting the bullish trend in gold.
Trivedi said that instability is expected to increase in the short term due to geopolitical developments. Saumil Gandhi, senior analyst of commodities at HDFC Securities, said that after the deepening of the crisis between Russia and Ukraine, gold has increased as investors returned to safe haven. Following a recent attack with US-made long-range missiles, Ukraine deployed UK-made missiles on Russian territory.
Ukraine said on Thursday that Russia launched an intercontinental ballistic missile overnight at the city of Dnipro in the country’s Middle East, which, if confirmed, would be the first time Moscow has used such a missile in combat. This development has increased the possibility of a widespread crisis. Due to which there is an increase in demand for safe haven assets.
