gold and silver
Heavy selling was seen in the Indian stock market today. The market’s main index Sensex went down by about 11,00 points. Meanwhile, the prices of gold and silver have increased. The prices of both the precious metals increased due to strong global cues, possibility of an initial agreement between America and Iran and increasing demand for the wedding season in the domestic market. Gold jumped by Rs 1,600 to Rs 1,62,900 per 10 grams, while silver became costlier by Rs 5,000 to Rs 2,74,700 per kg.
Big jump in gold price
In the Delhi bullion market, the price of gold of 99.9 percent purity increased by Rs 1,600 to Rs 1,62,900 per 10 grams on Friday. Earlier, at the time of market closing on Wednesday, the price of gold was Rs 1,61,300 per 10 grams. The markets remained closed on Thursday on the occasion of Eid-ul-Azha, after which a bullish atmosphere was seen as soon as the business opened on Friday. Market experts say that due to strengthening of gold prices in the international market and increase in domestic demand, investors’ inclination towards precious metals has again increased. In view of the wedding season, purchases by jewelers and customers are also increasing.
Silver also became expensive
Along with gold, a strong rise was also seen in the prices of silver. The price of silver increased by Rs 5,000 to Rs 2,74,700 per kg. In the last trading session its price was Rs 2,69,700 per kg. Industrial demand and increasing interest as safe investment also supported silver prices.
impact of global signals
Harish V, Head of Commodity Research, Geojit Investments Limited, said that there is uncertainty in the market due to the possibilities of ceasefire and initial agreement between America and Iran. Apart from this, after the recently released inflation data in America, investors are also keeping an eye on the interest rate policy of the US Federal Reserve. He said that the possibility of a big selloff in gold and silver in the near future seems less because the fundamental factors of the market are still strengthening the prices.
Spot gold in the international market increased by about one percent to $ 4,530.72 an ounce. Whereas silver remained stable at $ 75.52 per ounce. According to Praveen Singh, Head of Commodities, Mirae Asset Sharekhan, the news of talks between America and Iran has reduced the pressure on gold, but prices may remain in a limited range until the full details of the agreement are revealed.
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