The wedding season has started across the country. Due to which there has been a rise in the prices of gold in the local markets of the country. A good increase in the prices of gold and silver has been seen in the country’s capital Delhi. According to experts, there has been an increase in the demand for gold during the wedding season. On the other hand, an increase in the prices of gold and silver has also been seen in foreign markets.
Even on Multi Commodity Exchange, gold prices have crossed the level of Rs 74 thousand. Traders said besides wedding season demand from jewelers and retailers, a strong global trend in gold weighed on the precious metal prices. Local bullion markets were closed on Friday on the occasion of Guru Nanak Jayanti. Let us also tell you at what level the prices of gold and silver have reached.
Gold and silver became expensive in Delhi
On Monday, gold and silver prices rose in the bullion market of the country’s capital Delhi due to the strengthening trend in the global market as well as increased buying by jewelers and retailers for the ongoing wedding season. In the local market, gold of 99.9 percent purity rose by Rs 400 to Rs 77,450 per 10 grams, breaking the four-day falling trend.
On Thursday, gold had closed at Rs 77,050 per 10 grams. The price of gold of 99.5 percent purity jumped by Rs 400 to Rs 77,050 per 10 grams. In the last trading session it had closed at Rs 76,650 per 10 grams. Silver also rose by Rs 1,810 to Rs 92,000 per kg, whereas on Thursday its price had closed at Rs 90,190 per kg.
MCX also regained momentum
There is a rise in the prices of gold and silver on the country’s futures market Multi Commodity Exchange. At 7 pm, the price of gold is trading at Rs 74,682 per ten grams with an increase of Rs 736. Whereas during the trading session, the price of gold reached the day’s high of Rs 74,815. By the way, gold prices opened at Rs 74,420 this morning.
If we talk about silver, a rise was seen on the Multi Commodity Exchange at 7 pm. According to MCX data, the price of silver is trading at Rs 89,640 per kg with an increase of Rs 1,219. While silver also reached the day’s high at Rs 89,824. However, this morning the price of silver opened at Rs 89,200.
The shine of gold and silver increased in foreign markets also
An increase in the shine of gold and silver has also been seen in foreign markets. Gold future price on Comex is trading at $ 2,601.60 per ounce with an increase of $ 32 per ounce. Whereas the price of gold spot is trading at $ 2,597.42 per ons with an increase of $ 34 per ons.
On the other hand, an increase in silver prices is also being seen on Comex. The price of silver future is trading at $ 30.90 per ons with an increase of 1.54 percent. An increase of 2.26 percent is being seen in the spot price of silver and the price has come to $ 30.96 per ons.
What are the experts saying?
Jatin Trivedi, Vice President Research Analyst (Commodity and Currency), LKP Securities, said that there was a strong rise in gold due to the increasing geopolitical tension between Russia and Ukraine. This geopolitical risk boosted gold prices, as investors turned to safe haven assets. Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said the precious metal started trading on a positive note as geopolitical developments over the weekend boosted some investment inflows. Meanwhile, retail demand in India is likely to improve due to the ongoing wedding season, Gandhi said.
