The prices of gold and silver have reached sky high in Delhi.Image Credit source: ChatGPT
Not only in the futures market of the country but the tsunami of silver is also being seen in the bullion market of Delhi. The special thing is that the price of silver has seen more rise in Delhi bullion market as compared to MCX. On the other hand, gold prices have also created a ruckus. Due to which both the precious metals have reached record levels in Delhi bullion market. According to experts, the rise is being seen due to geo-political tension and expectations of reduction in interest rates by the Fed. Let us also tell you what is the price of gold and silver in the country’s capital Delhi?
Gold and silver made record in Delhi
On Monday, a sharp increase of Rs 15,000 was recorded in the prices of silver in the country’s capital Delhi and it reached a lifetime high of Rs 2,65,000 per kg. At the same time, in line with the strength in global markets, gold prices also increased to a new record level of Rs 1,44,600 per 10 grams. According to All India Bullion Association, silver prices rose by Rs 15,000, or 6 per cent, to hit a new peak of Rs 2,65,000 per kg (including all taxes). Besides, gold of 99.9 per cent purity rose by Rs 2,900, or 2.05 per cent, to hit an all-time high of Rs 1,44,600 per 10 grams (including all taxes). On Friday it closed at Rs 1,41,700 per 10 grams.
Gold and silver at record level in international market also
In the international market, the spot gold price crossed the level of US $ 4,600 per ounce for the first time. The price of the yellow metal increased by US $ 90.72 or 2 percent and reached a record US $ 4,601.69 an ounce. Gaurav Garg, Research Analyst at Lemon Markets Desk, said, “Gold responded positively to touch US$ 4,600 an ounce, while silver rose even more sharply to US$ 84 an ounce, reflecting its high beta in a risk-sensitive environment.” In international trade, spot silver rose by US $ 4.3, or about 6 percent, to a record high of US $ 84.61 an ounce.
Gold and silver made record on MCX also?
There has been a rise in the prices of both gold and silver on the country’s futures market Multi Commodity Exchange. The special thing is that the prices of both have reached new levels. If we look at the data, the price of silver has increased by Rs 12,756 during the trading session and reached a record level of Rs 2,65,481. However, at 6:30 pm, the price of silver is trading at Rs 2,64,700 with an increase of about Rs 12 thousand. On the other hand, gold prices rose by Rs 2,824 during the trading session and reached a record level of Rs 1,41,643. However, the price of silver was trading at Rs 1,41,522 with an increase of Rs 2700 at 6:30 pm.
Why did gold and silver rise?
Renisha Chainani, head of research at Augmont, said that due to rising geopolitical tensions and rising expectations that the US Federal Reserve will be forced to cut interest rates further, silver has touched a new record high, crossing US $ 84 an ounce. With increasing unrest in Iran and the continuation of the Russia-Ukraine conflict, geopolitical concerns have also come into focus again. Meanwhile, US President Donald Trump has said he is considering military options against Iran after anti-government protests, insisting that Tehran has crossed a ‘red line’. Adding to the uncertainty, investor confidence was shaken as the dispute between Trump and Federal Reserve Chairman Jerome Powell deepened. Following news that the US Attorney’s Office had launched a criminal investigation into Powell, widespread concerns about the independence of the Federal Reserve resurfaced.
Will be on these news also
Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities, said that this investigation had an impact on the US dollar, which further strengthened gold prices. Chainani said that this week’s economic calendar is very busy, in which special attention is being paid to US inflation and consumer indicators. The December CPI report to be released on Tuesday will be important as it will likely be the first inflation report unaffected by the government shutdown. Garg said the broad outlook for precious metals remains positive amid rising volatility in global stock markets, persistent geopolitical tensions and continued demand for safe haven assets.