There has been an increase in the prices of gold and silver in Delhi.Image Credit source: ChatGPT
In the morning, an increase of more than Rs 30 thousand was seen in the prices of silver on the futures market Multi Commodity Exchange and an increase of about Rs 3700 was seen in the prices of gold. But by evening, Delhi bullion market broke this record as if nothing had happened. The impact of the sharp rise in the prices of spot gold and silver in foreign markets has also been seen in the bullion market of Delhi. An increase of Rs 7300 was seen in the price of gold in Delhi’s bullion market. On the other hand, a huge increase of Rs 40,500 has been seen in the price of silver.
According to experts, due to the strong demand from investors and the rise in the global market amid increasing geopolitical and trade tensions, the prices of both the precious metals have reached unprecedented heights. Recently, Trump has announced to impose tariffs on South Korea after Canada. According to the information, Trump has said to impose 25 percent tariff on South Korea. Due to which a lot of panic has arisen among investors. In this way they are going towards safe haven. Let us also tell you what is the price of gold and silver in the country’s capital Delhi?
Gold made a new record
According to the information, in the country’s capital Delhi, gold with 99.9 percent purity has increased by Rs 7,300 or 4.6 percent to reach a life time high of Rs 1,66,000 per 10 grams. On Friday, the price of gold closed at Rs 1,58,700 per 10 grams. Gold markets remained closed on Monday due to the 77th Republic Day. The special thing is that such a huge rise in gold prices has been seen after a long time. Now gold needs Rs 34 thousand to reach the level of Rs 2 lakh. It is possible that by the end of this month the price of gold may reach the level of Rs 2 lakh.
Tremendous increase in the price of silver
On the other hand, silver prices continued to perform well and overtook gold. Silver prices rose by a huge Rs 40,500 or 12.3 per cent to hit a new peak of Rs 3,70,000 per kg (including all taxes). In the last market session, the price of metal was stable at Rs 3,29,500 per kg. According to experts, silver needs Rs 30 thousand to reach the level of Rs 4 lakh.
If an increase of between 8 to 10 thousand rupees is seen in the prices of silver every day, then this record can be made by January 30. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said that silver has touched another record high of Rs 3,70,000 per kg in the domestic market due to strong demand for silver as a safe haven amid increasing trade and geopolitical tensions.
Condition of silver in foreign markets
According to Forex.com, silver prices continued to rise in the international market and spot prices rose by US $ 8.55 or 8.24 percent to US $ 112.41 an ounce. In the previous session, the price of silver had increased by US $ 14.42 or 14 percent to reach a new peak of US $ 117.73 an ounce. Along with investment inflows, silver is also getting additional benefits from strong industrial demand.
Gaurav Garg, Research Analyst, Lemon Markets Desk, said that in the near future, there may be a period of profit-booking and stabilization in the prices of the white metal, but as long as the global risk sentiment remains weak and the dollar remains under pressure, the broader trend will remain positive. On Friday, silver prices in the foreign market crossed the important level of US $ 100 per ounce for the first time, which further increased investors’ interest in safe investments.
Gold made record in America
Gold also continued its rise in global markets and registered an increase for the seventh consecutive day. Its price increased by US $ 79.13 or 1.58 percent to US $ 5,087.48 an ounce. On Monday, the price of gold rose by US $ 121.07 or 2.43 percent to a record high of US $ 5,110.24 an ounce, thereby crossing the psychological level of US $ 5,000 an ounce for the first time. Praveen Singh, Research Analyst, Mirae Asset Sharekhan, said that due to increase in geopolitical tensions and weakening of the dollar, spot gold prices in foreign markets remained higher at around US $ 5,080 an ounce.
In the last seven trading sessions, gold prices have increased by US $ 416.59 or about 9 percent from the price of US $ 4,670.89 an ounce recorded on January 19. He further said that the latest move by US President Donald Trump to threaten Canada with 100 per cent tariffs, while Canada is pursuing a trade deal with China, has spooked the markets and strengthened demand for bullion prices.
Why such a rise?
Renisha Chainani, Augmont’s head of research, said new geopolitical tensions arising from the US administration raising tariffs on South Korean automobiles, pharmaceuticals and lumber to 25 percent have been a major factor. These developments have strengthened the demand for safe investments. Chainani said that the main factor in precious metals this year has been policy uncertainty during Trump’s rule. A new wave of new investors, particularly in Asia and Europe, are rapidly increasing personal holdings of gold and silver, providing structural support to prices.