Gold and silver have created a new record in the market of the country’s capital Delhi. In Delhi’s bullion market on Tuesday, gold rose by Rs 350 and reached a new record level of Rs 81,000 per 10 grams. At the same time, the price of silver crossed Rs 1 lakh per kg with a jump of Rs 1,500. This is the first time that silver has crossed this level. According to All India Bullion Association, silver prices continued to rise for the fifth consecutive day and reached a new record high of Rs 1.01 lakh per kg with a jump of Rs 1,500. On Friday, the price of silver closed at Rs 99,500 per kg.
Reason for rise in silver
Arun Mishra, CEO of Hindustan Zinc Limited, said that the main reason for the ongoing rise in silver is industrial demand. Apart from this, there has also been a rise due to jewelery and silverware segment. At the same time, gold of 99.5 percent purity rose by Rs 350 to reach a new record level of Rs 80,600 per 10 grams. Bullion traders attributed the rise in gold prices to the increase in purchases by local jewelers to meet the increased demand during the festive and wedding seasons.
In the futures trade of Multi Commodity Exchange (MCX), gold contract for December delivery rose by Rs 208 to Rs 78,247 per 10 grams. Silver contracts for December delivery rose by Rs 882, or 0.91 per cent, to hit a high of Rs 98,330 per kg.
There was a decline in July
Let us tell you that after the government cut the basic customs duty on gold and other metals in July, there was a sharp decline of seven percent in the prices of gold and silver in the local markets. However, bullion prices rose due to increased demand from Indian consumers in view of the ongoing festivals.