Gold Price Today
Gold prices have reached Life Time High in both the spot market of Delhi, the capital of India and the futures market of the country. The reason for this is Trump’s tariff. In the month of August, Trump has imposed a 50 percent tariff on India. Due to which restlessness has started in investors and has increased the purchase of gold. Due to which there has been a tremendous rise in gold prices. If you look at the data, gold prices have seen a rise of Rs 3600 in Delhi’s spot market. While gold prices on the futures market multi -commodity exchange have also reached the record level with a rise of Rs 893. According to experts, in the coming days, there can be more increase in gold prices. Let us also tell you that after all, the prices of gold have become in the futures market of Delhi and the country.
Gold at record level
Gold prices rose by Rs 3,600 to Rs 1,02,620 per 10 grams in the national capital on Thursday after the US administration announced a 25 per cent additional duty on Indian imports. According to the All India Bullion Association, gold with 99.9 percent purity closed at Rs 99,020 per 10 grams on Wednesday. In the national capital, gold with 99.5 per cent purity rose by Rs 3,600 to Rs 1,02,200 per 10 grams (including all taxes) on Thursday on high. It was closed at Rs 98,600 per 10 grams at the time of last market shutdown.
Silver price also increases
On Thursday, gold prices reached the upper level of the weekly limit, due to which the demand for traditional safe investment assets has increased. Apart from this, silver prices rose by Rs 1,500 to Rs 1,14,000 per kg (including all taxes) on Thursday. According to the association, this white metal closed at Rs 1,12,500 per kg on Wednesday. Senior analyst of commodities at HDFC Securities, Saumil Gandhi said, “In addition, the US administration has imposed an additional 25 percent duty on Indian imports, which has increased trade tension between the two economies.”
Gold also made records on MCX
On MCX, the highest trading precious metal futures for the October contracts rose by Rs 893 or 0.88 percent to a new peak of Rs 1,02,155 per 10 grams during the day. Subsequently, the prices of December contracts rose by Rs 880 or 0.86 percent to an all -time high level of Rs 1,03,047 per 10 grams. Apart from this, the price of silver contracts with September delivery on multi -commodity exchange (MCX) increased by Rs 1,503 or 1.32 percent to Rs 1,15,158 per kg. Meanwhile, gold in New York increased by $ 9.76 or 0.29 percent to $ 3,379.15 an ounce. In the international market, the price of gold remained stable above the level of $ 3,375, which was supported by the dollar index weakening below 98. Silver, spotted in the foreign market, was trading at $ 38.34 an ounce with a gain of 1.37 percent.
Can the prices increase more?
Jatin Trivedi, the vice -president of the Commodity and currency of LKP Securities, Jatin Trivedi, said that with limited impressive data this week, the global trade fee and new Russian restrictions will be focused on – both are causing rise in gold prices. Mirae Asset Share Khan Associate VP, Fundamental Currences and Commodities, Praveen Singh said that US President Donald Trump is threatening to impose 100 percent duty on chip imports, and business tension is positive for yellow metal.
In addition, President Trump may announce the next Fed President this week. Singh said that the upcoming Fed Chairman is expected to be more inclined towards deduction in interest rates. According to Kayanat Chanwala, AVP of Commodity Research of Kotak Securities, traders remain alert before the data of the US unemployment claims released today, which will give more information about the direction of the interest rate cycle and the direction of bullion prices in the near future.