On Monday, a huge increase in silver prices was seen in the country’s capital Delhi; After which the price has crossed Rs 2.72 lakh. On the other hand, an increase of Rs 1300 has been seen in the prices of gold. According to experts, due to the fall in the dollar index, there has been an increase in the prices of both gold and silver in the foreign markets. Due to which the local market has also increased. According to experts, there can be fluctuations in the prices of gold and silver from foreign markets to local markets. Let us also tell you what is the price of gold and silver in the country’s capital Delhi?
Gold and silver prices rise in Delhi
On Monday, silver prices in the national capital rose by over 6 per cent to Rs 2.72 lakh per kg, while gold prices rose by almost 1 per cent to Rs 1.58 lakh per 10 grams. This increase was due to strong global trends and a weak US dollar. According to local market experts, the white metal (gold) price rose by Rs 17,000 or 6.66 per cent to Rs 2,72,000 per kg (including all taxes) from Friday’s closing price of Rs 2,55,000 per kg. Additionally, gold of 99.9 per cent purity rose by Rs 1,300, or 0.83 per cent, to Rs 1,58,500 per 10 grams (including all taxes). In the last session it had closed at Rs 1,57,200 per 10 grams.
Why did the prices of gold and silver increase?
Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said that on Monday, a rise in gold prices was seen due to the fall in the US dollar and cheap buying. Dollar index is trading at 97 level, down by about 0.30 percent, which is providing support to gold prices. He further said that demand for precious metals as a safe haven is increasing due to widespread global macro uncertainty and President Donald Trump’s consistent and unpredictable rhetoric on geopolitical and tariff related issues.
Gold and silver in international market
In the international market, spot silver rose by US$2.19, or 2.81 per cent, to US$80.21 an ounce, while gold traded 1 per cent higher at US$5,012.94 an ounce. The metals recovered after last week’s sharp volatility as traders strengthened their positions ahead of macro data and policy cues. Silver remained highly volatile, reflecting speculation and short-term profit booking. Gaurav Garg, Research Analyst, Lemon Markets Desk, said the surge in domestic buying and international cues led to the rise in prices, while profit-booking was seen near the day’s highs.
China’s gold shopping continues
Gandhi of HDFC Securities said that the data released from China over the weekend has further strengthened investor confidence in precious metals. These data show that the People’s Bank of China continued purchasing gold for the 15th consecutive month in January, even when prices were high. Talking about data, traders are eagerly waiting for the US monthly employment data (non-agricultural employment and unemployment rate) to be released on Wednesday. Additionally, US consumer inflation data to be released on Friday will also be closely watched; Gandhi said that both these figures can play an important role in determining the direction of the dollar and providing new signals for precious metals.