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Gold prices in the country have reached the sky. Gold prices have been made new record on Friday. In the bullion market of the national capital Delhi, the price of gold jumped Rs 2,100 to a new record level of Rs 1,03,670 per 10 grams. A day earlier, the price of 24 carat gold was Rs 1,01,570 per 10 grams. Due to the ongoing purchase from stockists and the weakened rupee against the dollar, the price of gold is believed to be so fast.
Continuing the rise in the fourth consecutive trading session, the price of 99.5 percent purity rose by Rs 2,100 to a high level of Rs 1,03,100 per 10 grams on Friday. A day before it was closed at Rs 1,01,000 per 10 grams. Earlier, gold with 99.9 and 99.5 percent purity was at its all -time high of Rs 1,03,420 and Rs 1,03,000 per 10 grams respectively. At that time, the price of gold was increased by Rs 800 per 10 grams. Earlier on August 7, a huge increase in the price of gold was registered by Rs 3,600 per 10 grams.
That’s why gold gained
Senior Analyst (Commodities) of HDFC Securities, Soumil Gandhi said that due to weak rupees and positive trend in foreign markets, gold prices were seen in domestic markets and it reached a new record level. He said that the Indian rupee has reached the lowest level till date. This has increased concerns about the impact of 50 percent US fee on the country’s GDP (GDP).
Record fall in rupee
The rupee reached 88.30 for the first time with a steep decline of 61 paise on Friday. It closed at the lowest level of its 88.19 per dollar. During the week, the prices of precious metal have increased by Rs 3,300, or 3.29 percent. Meanwhile, the price of silver also fell by Rs 1,000 to Rs 1,19,000 per kg from all time high. On Thursday, the price of silver was Rs 1,20,000 per kg.