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Gold prices rose by Rs 220 to Rs 80,800 per 10 grams in the national capital on Wednesday amid a rise in the prices of precious metals in the global market. All India Bullion Association has given this information. In the last trading session, gold had closed at Rs 80,580 per 10 grams. However, silver remained steady at Rs 91,700 per kg. The price of gold of 99.5 percent purity rose by Rs 220 to Rs 80,400 per 10 grams, which had closed at Rs 80,180 per 10 grams in the previous trading session. Market sources said the rise in gold prices was due to fresh demand from local jewelers and a firm trend in overseas markets.
It became expensive even in the global market
Globally, Comex gold futures rose $26.40 to $2,708.70 an ounce. Saumil Gandhi, Senior Analyst-Commodity at HDFC Securities, said, gold prices rose on Wednesday due to the fall in the US dollar following weak US producer price index data. Gandhi said that the focus of market participants will now be on the release of gold on Wednesday. The Consumer Price Index (CPI) is on the report. He said if the CPI comes in lower than expected, the Federal Reserve may be more likely to cut interest rates this year, and that would lead to further gains for the precious metals. In the Asian market, the future price of silver was quoted at $ 30.75 an ounce with an increase of 1.30 percent.
rise in gold futures prices
Gold prices rose by Rs 259 to Rs 78,415 per 10 grams in futures trade on Wednesday as speculators bought fresh deals amid strong spot demand. In the Multi Commodity Exchange (MCE), the price of the contract for delivery in the month of February increased by Rs 259, or 0.33 percent, to Rs 78,415 per 10 grams. 10,169 lots were traded in this. Market analysts said that gold futures prices rose due to buying of fresh deals by traders. Silver prices rose by Rs 368 to Rs 90,924 per kg in futures trade on Wednesday as traders increased bets.
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