gold price
Amid a strong global trend, the price of gold rose by Rs 250 to Rs 78,850 per 10 grams in the bullion market of the national capital on Thursday. All India Bullion Association has given this information. In the previous trading session, the price of gold had closed at Rs 78,600 per 10 grams. The price of gold of 99.5 percent purity also increased by Rs 250 to Rs 78,450 per 10 grams on Tuesday. Its previous closing price was Rs 78,200 per 10 grams.
Due to this the price increased
Traders attributed the rise in gold prices to the firm trend in overseas markets, which helped bullion prices. Gold prices rose on Thursday due to slight weakness in the dollar as markets resumed trading after Christmas. However, gains were limited as investors remained cautious following the US Federal Reserve’s hawkish stance, said Jatin Trivedi, vice-president-research analyst (commodity and currency), LKP Securities. It indicates further reduction in interest rates in a less aggressive manner. Trivedi said that traders were showing hesitation in taking any major initiative due to low trading volume in the week with short trading session due to holidays.
Price increased at global level also
Globally, Comex gold futures rose $9.10 to $2,644.60 an ounce. In Asian trade, Comex silver futures were trading 0.19 percent higher at $ 30.34 an ounce.
Spot market also booming
On Thursday, gold prices rose by Rs 302 to Rs 76,572 per 10 grams in futures trade due to speculators buying fresh deals amid strong spot demand. On the Multi Commodity Exchange, the price of the contract for delivery in the month of February 2025 increased by Rs 302, or 0.4 percent, to Rs 76,572 per 10 grams. 12,508 lots were traded in this. Market analysts said the rise in gold futures prices was due to buying of fresh deals by traders.
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