The fall in the dollar index and the tension in the Middle East have once again fanned the flames of gold and silver prices. Where the prices of gold and silver are increasing in the global market. On the other hand, an increase in the prices of gold and silver is being seen in the bullion market of Delhi. An increase of more than Rs 38,000 thousand has been seen in the prices of silver in two days. Due to which the price of silver has once again reached close to Rs 3 lakh.
Whereas gold prices have seen an increase of more than Rs 12 thousand in two days. This is the reason why gold has become worth Rs 1.65 lakh. A similar trend is being seen in the country’s futures market Multi Commodity Exchange. According to experts, till the fall in the dollar and the tension in the Middle East is not resolved, the prices of gold and silver will continue to rise. Let us also tell you what the price of gold has become in the country’s capital Delhi…
How much did gold and silver become expensive in Delhi?
According to All India Bullion Association, silver rose by Rs 14,300, or 5.03 per cent, to Rs 2,98,300 per kg (including all taxes). In the last session, silver had closed at Rs 2,84,000 per kg. The special thing is that the price of silver has seen an increase of Rs 38,300 per kg. On the other hand, gold of 99.9 per cent purity also rose sharply and rose by Rs 7,400 or 4.69 per cent to Rs 1,65,100 per 10 grams (including all taxes), whereas on Tuesday it had closed at Rs 1,57,700 per 10 grams. Whereas the price of gold has seen an increase of Rs 12,400 per ten grams in two days.
Gold and silver in international market
In the international market, spot silver rose by $4.28, or 5.03 per cent, to $89.35 an ounce, while gold rose by $100.03, or 2.02 per cent, to $5,047.07 an ounce. Gaurav Garg, Research Analyst, Lemon Markets Desk, said gold and silver continued their uptrend on Wednesday, with gold prices rising over three per cent to nearly Rs 1.6 lakh per 10 grams, while silver jumped up to six per cent during the day’s trade after a period of heavy volatility and correction.
MCX also bullish
On the other hand, there is a rising trend in the prices of gold and silver on the country’s futures market Multi Commodity Exchange. If we look at the data, gold rose by Rs 6,946 per ten grams during the trading session and reached Rs 1,60,755 per ten grams, which is the day’s high. However, at 7:10 pm, gold is trading at Rs 1,59,251 per 10 grams with a rise of Rs 5,442. If we talk about silver, its price reached Rs 2,87,139 per kg in the trading session with a rise of Rs 18,291. Which is the high level of the day. Whereas at 7.10 pm, silver prices were trading at Rs 18,316 and Rs 2,86,331.
What do experts say?
Saumil Gandhi, Senior Analyst – Commodity, HDFC Securities, said fresh purchases in safe-haven assets led by rising geopolitical tensions between the US and Iran led gold and silver to rise on Wednesday. Gandhi said the confrontation dampens expectations about the US-Iran nuclear talks later this week and raised concerns about the possibility of more confrontation between the US and Iran, which could increase the risk premium on gold and hamper safe-haven options. Demand for precious metals may increase.