gold Silver
In the festive season, the price of gold in the country’s capital Delhi is soon seen reaching crossing Rs 1.25 lakh i.e. Rs 1.25 lakh. There is also a reason for that. Gold prices in Delhi have reached record level with Rs 1.20 lakh. Now the price of gold is required only 4 percent i.e. 5 thousand rupees to reach Rs 1.25 lakh. The way gold prices are running, it seems that this figure may cross before Diwali.
It is possible that on the day of Diwali, the price of gold in Delhi’s bullion market should be seen going to Rs 1.30 lakh. On the other hand, silver prices may have seen a rise of 500 rupees, but the prices have reached the new record level. This means that till Diwali, both gold and silver can appear at a level that you would never have thought about. Let us also tell you how much gold prices have gone in the country’s capital Delhi.
Gold prices at record level
Gold prices rose by Rs 500 to Rs 1.20 lakh per 10 grams of lifetime high on Tuesday due to weak dollar and US Federal Reserve expected to reduce interest rates. According to the All India Bullion Association, due to festive demand, this yellow metal had increased by Rs 1,500 to Rs 1,19,500 per 10 grams in the last session. In the local bullion market, the price of 99.5 per cent purity continued to rise in the fourth consecutive session and it rose by Rs 500 to Rs 1,19,400 per 10 grams (including all taxes) on a record high. In the last session, this precious metal was closed at Rs 1,18,900 per 10 grams.
One and a quarter million can be priced before Diwali
In the current calendar year, gold prices have increased by Rs 41,050 i.e. 52 percent, which was Rs 78,950 per 10 grams on December 31, 2024. According to experts, gold prices rose due to the increasing possibilities of the US government to shut down after the conversation between Trump and Congress leaders without any agreement on short -term financing. Kayanat Chanwala, AVP of Commodity Research of Kotak Securities, said, “This made investors restless as this could delay the release of official employment reports and the policy direction of Federal Reserve could be complicated.
Will prices cross the 1.25 million?
By the way, the kind of boom is being seen. Gold prices in the country’s capital Delhi can cross the record level before Diwali. Gold requires a rise of Rs 5 thousand, or 4.16 percent to reach Rs 1.25 lakh. On the other hand, in the month of September, there has been an increase of about 16 percent in the prices of gold. The price of gold was Rs 1,03,670 per village on the last trading day of August. This means that in the month of September, the price of gold has been increased by Rs 16,330 per ten grams. In such a festive season, the price of gold can appear at a new record level. Some experts also believe that the price of gold in Delhi on Dhanteras and Diwali can reach the level of 1.30-1.35.
Silver also made records
Apart from this, silver prices rose by Rs 500 to Rs 1,50,500 per kg (including all taxes) on Tuesday. On Monday, it rose Rs 7,000 to a new peak of Rs 1,50,000 per kg. So far this year, silver prices have increased by Rs 60,800 or 67.78 percent, which has increased from Rs 89,700 per kg to Rs 60,800 on December 31, 2024. Meanwhile, the dollar index, which reflects the strength of the dollar against the six currencies, was trading at 97.80 with a decline of 0.10 percent, leading to further support for bullion prices.
What do you say?
Mirae Asset Sharekhan’s Commodities and Currency Head Praveen Singh said that gold is seen fluctuations before the release of major data in the US market, including ADP non-agri employment changes and non-agricultural pay along with unemployment data on Friday. Jatin Trivedi, Vice President Research Analyst (Commodity and Currency) of LKP Securities, said that the profit booking by the market participants also increased the ups and downs in gold and silver futures.
Chintan Mehta, Chief Executive Officer of Abbans Financial Services, said that “the market will keep a close watch on the growing global uncertainties as it will strengthen the notion of overall demand and supply. Mehta said that these signs will set the next way for the speed of gold in the coming days, because traders will assess whether the economic situation is needed in the economic situation.