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There was a good rise in the price of gold again today. Bullion prices regained momentum on Wednesday after two days of sharp decline amid strong global trend and strong demand from local jewelers. According to the All India Bullion Association, gold of 99.9 per cent purity rose by Rs 650 to Rs 78,800 per 10 grams in the national capital on Wednesday. Gold had fallen by Rs 2,250 in the last two trading sessions. On Tuesday it closed at Rs 78,150 per 10 grams. The price of gold of 99.5 percent purity rose by Rs 950 to Rs 78,700 per 10 grams on Wednesday.
What caused the price increase?
According to experts, the rise in gold prices is due to the unstable geopolitical situation in West Asia as well as increasing demand in the industrial and apparel trading segment in the domestic market. Jatin Trivedi, vice president, research analyst (commodity and currency), LKP Securities, said the market traded on a firm note amid geopolitical tensions and dollar fluctuations. The broad bullish trend in gold continues, but short-term uncertainty remains. He said, gold at Rs 75,900 in MCX is slightly below its peak, but well above the low of Rs 67,500 seen during the Budget week.
Global market also booming
Globally, Comex gold futures rose $27 an ounce, or 1.02 per cent, at $2,673.30 an ounce. Geopolitical risks and US President-elect Donald Trump’s tariff plans boosted inflows into gold and helped it regain its lost ground, said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities. This led to a rise in gold prices on Wednesday.” Gandhi said that apart from this, the fall in US dollar and bond yields also supported gold prices.
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