Gold prices in Delhi have crossed Rs 1.26 lakh for the first time.
Gold prices reached record levels in foreign markets in the morning. Gold prices rocketed in the futures market of his country. Now gold prices have created history in the country’s capital Delhi. Where on Tuesday the price of gold was at Rs 1.24 lakh. After crossing Rs 1.25 lakh on Wednesday, it also crossed the level of Rs 1.26 lakh. If we look at the figures, an increase of up to Rs 6 thousand has been seen in the prices of gold in the current week.
According to experts, in view of the threat of geopolitical crisis and economic crisis, investors have turned towards gold. On the other hand, all the central banks of the world are buying more and more gold. Due to which the price of gold is increasing. Let us also tell you at what level gold prices are seen trading in the country’s capital Delhi.
Gold created history in Delhi
In line with strong global trends amid geopolitical uncertainties arising from shutdown of some departments due to finance problems in the US, gold prices in the national capital bullion market on Wednesday rose for the third consecutive day and rose by Rs 2,600 to reach a new all-time high of Rs 1,26,600 per 10 grams. Gold has increased by Rs 6,000 in the last three days as investors turned to safer investment options due to global risk aversion sentiment.
This is how the increase happened in three days
According to the All India Bullion Association, gold with 99.9 per cent purity rose by Rs 700 to close at Rs 1,24,000 per 10 grams on Tuesday, a day after registering a huge rise of Rs 2,700 on Monday. On Wednesday, the price of gold of 99.5 percent purity rose by Rs 2,600 to touch an all-time high of Rs 1,26,000 per 10 grams (including all taxes) in the local bullion market. In the last market session, it had closed at Rs 1,23,400 per 10 grams. Analysts said the current US government shutdown and rising global geopolitical tensions have boosted investment in this safe-haven asset.
Silver prices also increased
Besides, silver prices on Wednesday rose by Rs 3,000 to near its record high of Rs 1,57,000 per kg (including all taxes). On Tuesday it closed at Rs 1,54,000 per kg. On Monday, silver had touched a record high of Rs 1,57,400 per kg. A strong rise in bullion prices was seen in foreign markets. Spot gold rose almost two percent to a record high of $ 4,049.59 an ounce.
Gold prices in futures market
At the same time, gold prices are trading at record levels in the country’s futures market Multi Commodity Exchange. If we look at the data, at 5:55 pm, the price of gold is trading at Rs 1,22,912 per ten grams with an increase of Rs 1,800. During the trading session, it reached a new life time high of Rs 1,23,080 with a rise of Rs 1,969. There is an atmosphere of tremendous rise in silver prices. According to MCX data, silver increased by Rs 3,346 to reach Rs 1,49,138, which is a new record. However, at 6 pm, silver prices are trading at Rs 1,48,816 with an increase of Rs 3,024.
What do experts say?
Kainaat Chainwala, AVP Commodity Research, Kotak Securities, said that spot gold crossed the important level of $ 4,000 an ounce for the first time due to demand for safe investments amid concerns about the US economy and government shutdown. He said geopolitical tensions in Ukraine, political instability in France and Japan, and rising expectations of an interest rate cut by the Federal Reserve amid ongoing data blackouts also supported the rise. In global markets, spot silver rose by more than two percent to reach a high of $ 48.99 an ounce.