The record breaking rise in gold and silver prices continues. Today, gold and silver prices once again witnessed a rise, with both the precious metals touching new all-time highs. After hitting record high in the global market on Monday, the price of 99.9 per cent pure gold rose by a huge Rs 1685 to hit a new all-time high of Rs 1,38,200 for 10 grams in Delhi bullion market. It is worth noting that last Friday, gold prices were stable at Rs 1,36,515 for 10 grams.
Huge jump in silver prices
Apart from gold, a huge jump was also seen in silver prices today. In the country’s capital Delhi, silver prices rose by Rs 10,400 to hit a new all-time high of Rs 2,14,500 per kg. Last Friday, silver prices had closed at Rs 2,04,100 per kg after falling by Rs 3500. Last Thursday itself, silver prices rose by Rs 1,800 to a new record of Rs 2,07,600 per kg. Besides, in the international markets, spot silver also rose by $2.31 or 3.44 per cent to hit a record high of $69.45 an ounce.
Why are gold and silver prices increasing?
“Bullion continued to rise and gold and silver hit another fresh record high on Monday,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities. In international markets, spot gold rose $80.85, or 1.86 percent, to a record high of $4420.35 an ounce. “Falling interest rates in the US, rising financial concerns and increasing uncertainty in the US economy have significantly increased investor interest in silver and gold. This has led to a shift towards safe-haven assets,” Gandhi said.