In the month of September, the price of gold has shown its speed. There is no seen in any month in the current year. Only half of the current month has ended and in Delhi’s spot market, gold prices have seen 11 percent. On the other hand, the price of silver has seen an increase of about 12 percent. It is expected that in the second half of the month, the prices of gold can be seen further.
Experts also say that the true color of gold can be seen in the coming one month. There is also a reason for that. Navratri will start from 22 September. SK will be a chance for Dhanteras and Diwali after a few weeks. By then, the price of gold in Delhi can reach Rs 1.25 lakh. At the same time, the price of silver can come up to 1.50 lakh rupees. By the way, the futures market of the country is also in this race. Where the prices of both gold and silver have reached the record level. Let us also tell you that in the next one month, both Gold and Silver need to reach their benchmark in the next one month.
Gold and silver prices in Delhi
The price of gold rose Rs 1,800 to a new record level of Rs 1,15,100 per 10 grams in the bullion market of the national capital Delhi on Tuesday amid the increasing expectations of a weak US dollar and the Federal Reserve cutting interest rates. According to the All India Bullion Association, Gold with 99.5 per cent purity rose by Rs 1,800 to Rs 1,14,600 per 10 grams (including all taxes) on a record high. In the local bullion market, gold with 99.9 per cent and 99.5 per cent purity fell by Rs 500-500 to Rs 1,13,300 and Rs 1,12,800 per 10 grams respectively.
According to HDFC Securities Senior Analyst Analyst (Commodities), gold reached another record high on Tuesday due to the increasing expectations of the weakened dollar and the Federal Reserve. The dollar index has come to a ten -week low, which is strengthening the prices of precious metals. Apart from this, silver rose by Rs 570 to Rs 1,32,870 per kg (including all taxes) on Tuesday at high. Silver closed at Rs 1,32,300 per kg on Monday.
How much increase in the first half of September?
If we talk about September, then there has been a tremendous rise in the prices of gold in Delhi. So far, the prices of gold have not been increased in any month of the year. According to the data, the price of gold in Delhi was Rs 1,03,670 per ten grams in Delhi on the last trading day of August. In which till September 16, an increase of Rs 11,430 has been seen. This means that the price of gold has jumped 11.02 percent to reach the record level with Rs 1,15,100.
On the other hand, silver has given more returns to investors in the gold match. This means that the brightness of silver has been seen in the bullion market. This is seen to be a lot. If we look at the figures, the price of silver was seen in Delhi on the last trading day of last month. In which so far an increase of Rs 13,870 has been seen. This means that silver prices have seen a rise of 11.65 per cent and silver prices have come to Rs 1,32,870 per kg.
Will gold and silver make a benchmark record on Dhanteras?
Currently, the gold benchmark in Delhi is Rs 1.25 lakh. Which has not reached yet. At the same time, silver is being estimated at Rs 1.50 lakh per kg. Looking at the current price and speed, anyone will say that the prices of gold and silver in Delhi will reach this level till the end of this month or Dussehra. But first we try to understand it with the figures that after all, how much money and speed is required to reach their benchmarks.
First talk about gold, gold needs 10 thousand rupees to cross the level of Rs 1.25 lakh. This means that Gold needs a rise of 8.60 percent. Although this fast can be easily seen in the next 15 days, but the problem is that when the price of gold arrives at the record level, the profit -booking starts from the investors and there is also a decrease in demand, due to which the price of gold falls down. This can also be seen with the prices of gold in the coming days. Therefore, experts are keeping its target till Dhanteras and Diwali.
On the other hand, there is also a rise in silver prices. Which is more than gold. In such a situation, the question is whether silver will be able to touch 1.50 level in the next one month. This question is important because silver demand domestic is less and industrialal is seen more. Currently, silver production is also very low. Due to low supply, there is a rise in silver prices. By the way, silver requires Rs 17,130 to reach Rs 1.50 lakh. This means that silver will have to show a speed of about 13 percent in the next one month. Which is not a big deal.
Futures market also gold silver at record level
On the other hand, gold and silver are also seen in the futures market at the record level. Gold on the Multi Commodity Exchange may have seen a slight decline on Tuesday, but during the trading session, gold reached the record level with Rs 1,10,666 per ten grams. While gold appeared at Rs 1,10,156 till the market was closed. By the way, in the month of September, the price of gold on MCX has seen an increase of Rs 6,332, or 6 percent.
On the other hand, talking about silver prices, the futures appeared at the record level with Rs 1,30,450 during the silver trading session in the market, but the slight fall until the market was closed at Rs 1,28,820. By the way, in the month of September, the price of silver has been increased by Rs 6,947, or 5.70 percent. This means that there has been less rise in the spot market in the futures market of the country.
Fed factor will work
Or according to wealth management director Anuj Gupta, the main reason for the rise in gold prices has been Jio Political and Trade Tension. Also, central banks from all over the world are continuously binging gold. Also, the US Central Bank Fed Reserve has also made up its mind to cut interest rates. Due to which there is a decline in the dollar index and the price of gold has increased. He said that the prices of gold may continue to rise. The big reason for this is the announcement of cuts in interest rates in the fed. The effect of which can continue in the coming days.