gold Silver
In the country’s capital Delhi, the prices of gold and silver saw a boom for the 5th consecutive day. Where gold became expensive by 5,800 per ten grams during this period. On the other hand, silver prices saw a rise of Rs 5,500 per ten grams. After which both reached the record high. The increase in prices of gold and silver is being seen due to Trump’s tariff announcement. Recently, Trump put 39 percent tariff on Swiss Gold. Due to which panic spread in the international market and the demand for gold suddenly increased. According to experts, the prices of gold and silver can be seen further in the coming days. Let us also tell you how much gold prices have gone.
Gold increases for 5th consecutive day
According to the All India Bullion Association, gold prices rose by Rs 800 to Rs 1,03,420 per 10 grams on a new life time high due to frequent purchases of stockists. Gold with 99.9 percent purity rose by Rs 3,600 to Rs 1,02,620 per 10 grams in the last session. In the national capital, gold with 99.5 per cent purity also rose by Rs 800 to Rs 1,03,000 per 10 grams (including all taxes) to a new level, which crossed its previous all -time high level of Rs 1,02,200 per 10 grams recorded after Thursday session. The special thing is that in the last five business days, gold prices have seen a rise of Rs 5,800 per 10 grams.
There is also tremendous increase in silver
According to the association, silver prices on Friday also increased by Rs 1,000 to Rs 1,15,000 per kg (including all taxes). It closed at Rs 1,14,000 per kg on Thursday. In the last 5 sessions, the price of this white metal has increased by Rs 5,500 per kg. At MCX, the highest trading gold futures for October contracts rose by Rs 782 or 0.77 per cent to Rs 1,02,250 per 10 grams. Subsequently, December contracts rose by Rs 849 or 0.83 percent and it reached Rs 1,03,195 per 10 grams so far.
Silver futures increased by Rs 554 or 0.48 percent to Rs 1,14,840 per kg for September contracts on multi -commodity exchange (MCX). The spot gold is trading stable at $ 3,388.56 an ounce. During day trading, this precious metal in New York rose $ 104.02 or 3.06 percent to a record high level of $ 3,500.33 an ounce. Meanwhile, the silver in international markets increased slightly to $ 38.28 an ounce.
Why Gold became expensive?
Chintan Mehta, CEO of Absan Financial Services, said that gold prices have risen after the US imposed a fee of 1 kg and 100 ounces of gold imported from Switzerland and 39 percent on the rods of gold, which has disrupted a major supply route and new instability in the bullion market. He said that his long-standing exemption has been eliminated by reciting these rods in taxable category, as Switzerland is a major refining center and this move has created uncertainty in the supply side and has re-awakened the interest of safe investment in gold amidst comprehensive geopolitical stresses.
Gold may rise further
Jatin Trivedi, Vice President of LKP Securities, Jatin Trivedi, said that later, gold prices are expected to continue to continue as Trump’s tariff attitude is creating uncertainty, especially the agreement with India does not seem possible. Any positive change in the rupee can limit the boom of gold. Augmont’s research head Renisha Chanani said that the gold reached a new height above $ 3,500, with a increase in interest rates by Bank of England for the sixth time this year and more than an estimate in unemployment claims this week.