There has been a rise in gold prices on the day of Dhanteras. On the other hand, an increase in the price of silver has also been seen. Where an increase of Rs 300 has been seen in the prices of gold. On the other hand, the price of silver remains below Rs 1 lakh on the day of Dhanteras. Traders say that due to high prices of gold, the demand for gold is seen to be a little weak. Whereas on the occasion of Dhanteras, purchasing of silver coins is being seen. Let us also tell you what kind of prices of gold and silver were being seen in the bullion market of Delhi.
Gold and silver prices in Delhi
According to All India Bullion Association, due to heavy Dhanteras demand from jewelers and retailers, the price of gold in the country’s capital Delhi increased by Rs 300 to Rs 81,400 per 10 grams on Tuesday, which is close to its record high level. Apart from this, gold of 99.5 percent purity jumped by Rs 300 to reach a lifetime high of Rs 81,000 per 10 grams. On Monday, the precious metal of 99.9 per cent and 99.5 per cent purity had closed at Rs 81,100 and Rs 80,700 per 10 grams.
Silver rose by Rs 200 to Rs 99,700 per kg due to increased demand from industrial units and coin makers. In the last close on Monday, it had closed at Rs 99,500 per kg. Traders said that at the current level they are ignoring the traditional purchase of gold and preferring silver coins for symbolic purchases.
Bullishness in futures market also
Gold contracts for December delivery rose by Rs 178, or 0.23 per cent, to Rs 78,744 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). On MCX, silver for December delivery contract jumped by Rs 786 or 0.81 percent to Rs 98,210 per kg. Globally, Comex gold futures rose 0.23 per cent to US $ 2,762.20 an ounce. On the other hand, in Asian markets, silver is trading at $ 34.33 per ons with an increase of about one percent.
What are the experts saying?
Jatin Trivedi, VP Research Analyst, Currency and Commodity at LKP Securities, said gold prices in MCX remained positive as enthusiasm for long positions increased with Dhanteras. There was more buying on this auspicious day, due to which the prices increased on MCX and in the physical jewelery market the prices are trading above Rs 80,000. Gold rose to record highs in European trading hours on Tuesday amid concerns about the US presidential election and the looming US debt crisis, boosting safe-haven demand, said Saumil Gandhi, senior analyst (commodities) at HDFC. Inflows into precious metals are increasing. According to Pranav Mer, VP – Research (Commodity & Currency) at BlinkX and JM Financial, gold is trading positively with buying seen on every small correction in the last three trading sessions.
