Bullion prices regained momentum on Wednesday after two days of sharp decline amid strong global trend and vigorous buying by local jewelers. During this period, silver reached Rs 95,800 per kg with the biggest jump of Rs 5,200 in a day.
In the national capital Delhi, gold of 99.9 percent purity increased by Rs 650 to Rs 78,800 per 10 grams. Gold had fallen by Rs 2,250 in the last two trading sessions. On Tuesday it closed at Rs 78,150 per 10 grams.
Gold prices increased by Rs 950
The price of gold of 99.5 percent purity increased by Rs 950 to Rs 78,700 per 10 grams on Wednesday. Silver prices in the national capital witnessed the biggest single-day rise of Rs 5,200 and touched Rs 95,000 per kg after a gap of two weeks. Earlier, the biggest one-day increase in the price of silver was recorded on October 21, when it increased by Rs 5,000.
Due to this, silver had fallen by Rs 2,700 in the last two days and on Tuesday it closed at Rs 90,600 per kg. Traders attributed the rise in precious metals prices to volatile geopolitical situation in West Asia as well as rising consumption in the industrial and apparel trading segments in the domestic market.
Jatin Trivedi, vice president, research analyst (commodity and currency), LKP Securities, said the market traded on a firm note due to geopolitical tensions and dollar fluctuations. The broad bullish trend in gold continues, but short-term uncertainty remains.
MCX gold at Rs 75,900 is slightly below its peak, but well above the low of Rs 67,500 seen during the Budget week, he said. Globally, Comex gold futures were up $27 an ounce, or 1.02 per cent, at $2,673.30 an ounce. Ounce done.
Geopolitical risks and US President-elect Donald Trump’s tariff plans boosted investment in gold and helped it regain its lost ground, said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities. This led to a rise in gold prices on Wednesday. Gandhi said that apart from this, the fall in US dollar and bond yields also supported gold prices. In the Asian market, silver rose by 0.33 percent to $ 30.94 an ounce.