According to All India Bullion Association, there is an upward trend in demand for both the metals.
There is a festival frenzy over gold and silver. The price is not showing signs of stopping. The price of silver crossed Rs 1 lakh on Tuesday. In the national capital, gold price rose by Rs 350 to reach a new all-time high of Rs 81,000 per 10 grams. Silver rose by Rs 1,500 to hit a new high of Rs 1.01 lakh per kg, while its price had closed at Rs 99,500 per kg on Monday. According to All India Bullion Association, silver prices registered a rise for the fifth consecutive day.
Experts say gold prices once again reached a record high on Monday, continuing last week’s rally, as uncertainty over the US election and fears of Israeli retaliation against Iran boosted demand for safe haven investments.
99.9 percent pure gold today
According to the news, according to All India Bullion Association, there is an upward trend in demand for both the metals. Gold of 99.5 per cent purity jumped Rs 350 to a new high of Rs 80,600 per 10 grams. Meanwhile, the metal of 99.5 per cent purity had closed at Rs 80,250 per 10 gram, while gold of 99.9 per cent purity had closed at Rs 80,650 per 10 gram on Monday. Arun Mishra, CEO and Whole-time Director, Hindustan Zinc Ltd, said the current rally in silver prices is driven by industrial demand, such as expansion of photovoltaic applications, followed by jewelery and silverware sectors.
Bullion traders attributed the rise in prices of the precious metal to rising consumption in the industrial and wearable sectors in the domestic market. Besides, growth concerns especially in China, rising geopolitical tensions in West Asia and status quo on interest rates by most global central banks kept prices boosted, traders said.
What was the price in the futures market?
Gold contracts for December delivery rose by Rs 208 to Rs 78,247 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). Gold prices have gained momentum on MCX and the bullish momentum is taking the prices higher. Trivedi said that with the risk barometer remaining high, this continued demand for bullion is likely to drive gold prices higher in the near future.
He said market participants will keep a close eye on any developments in interest rates, global conflicts and macroeconomic data, as these factors will play an important role in determining the direction of gold. On the exchange, silver contracts for December delivery rose by Rs 882, or 0.91 per cent, to Rs 98,330 per kg.
comex gold futures price
Comex gold futures rose 0.30 percent to a new record high of $2,747.10 an ounce. Kainaat Chainwala, AVP of Commodity Research at Kotak Securities, said gold prices rose to $2,747 an ounce as investors eye the BRICS summit, where Russia is set to challenge the US dollar’s dominance with a new global financial payments system. Aims to give. Globally, silver Comex futures rose nearly 1 per cent to $34.41 an ounce.
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