gold Silver
Gold prices have seen a boom for the fourth consecutive day. At the same time, the price of silver has seen an increase in three consecutive business sessions. Due to which the price of white gold has reached record level. Now the biggest question is, why have the prices of gold and silver get wings? What is the biggest reason behind this? This question is also important because there is no war between Israel and Iran. Ukraine and Russia’s war have been digested by the prices of gold and silver. So what is such a trigger, due to which the prices of gold and silver are reaching the sky.
According to experts, the trade deal between America and Europe is not possible before August. On the other hand, the trade between India and America is in the balance. In such a situation, there has been a lot of restlessness among investors. Due to which the demand for gold and silver has increased significantly. The effect of which is being seen in gold and silver prices. Let us also tell you how much has the prices of geld and silver in Delhi, the capital of the country?
Silver broke record
According to the All India Bullion Association, silver prices rose by Rs 4,000 to Rs 1,18,000 per kg in the country’s capital Delhi on Wednesday. The special thing is that in the last 3 business days, there has been an increase of Rs 7500 in silver prices. Silver rose by Rs 3,000 to close at Rs 1,14,000 per kg in the national capital on Tuesday. Bullion traders said that the current rapid trend in the silver market is mainly inspired by industrial demand. According to experts, there can be more increase in silver prices in the coming days.
Gold prices also rise
According to the bullion market, there has been an increase in the price of gold on the fourth consecutive trading day. Gold prices rose by Rs 1,000 on Wednesday. According to the bullion market, gold with 99.9 per cent purity increased by Rs 1,000 to Rs 1,01,020 per 10 grams (including all taxes). At the time of the last market shutdown, it closed at Rs 1,00,020 per 10 grams. On Wednesday, 99.5 gold rose by Rs 900 to Rs 1,00,450 per 10 grams (including all taxes). In the last business, this yellow metal was closed at Rs 99,550 per 10 grams. In these four days, the price of gold has increased by Rs 2350. According to experts, there is a demand for gold as the global uncertainty increases, the main reason is due to the declining hopes of the US-European Union Trade Agreement before the August 1 deadline.
Futures market too
Meanwhile, silver futures for September delivery on Multi Commodity Exchange (MCX) rose by Rs 896 or 0.77 percent to a new record level of Rs 1,16,551 per kg. In addition, gold futures fell by Rs 24 to Rs 1,00,305 per 10 grams for August delivery on the Commodity Exchange. Globally, the spot gold fell 0.26 percent to $ 3,422.87 an ounce. Silver spot in foreign markets rose 0.26 percent to $ 39.39 an ounce.
Why increase
Soumil Gandhi, Senior Analyst (Commodities) of HDFC Securities, said that this uncertainty has increased the concern of the market, which is increasing the trend towards safe investment. Gandhi said that the overall weakness in the US dollars is also supporting the precious metal. According to LKP Securities Vice President Research Analyst – Commodity and Currency, Jatin Trivedi, investors will wait for manufacturing and PMI data from major economies including America, Britain and Eurozone, which will indicate more about the direction of bullion prices in the near future.