In the bullion market of the national capital, the price of gold rose for the fourth consecutive day on Friday, rising by Rs 350 to Rs 72,850 per 10 grams. In the previous trading session, gold closed at Rs 72,500 per 10 grams. However, silver did not see a rise, rather it declined. According to the news of Bhasha, silver closed at Rs 86,000 per kg with a decline of Rs 200. Its previous closing price was Rs 86,200 per kg. This movement in precious metals was seen due to increased domestic demand and strong global trend.
Reasons for increase in gold prices
According to the news, the price of 99.5 percent pure gold rose by Rs 350 to Rs 72,500 per ten grams. Its previous closing price was Rs 72,150 per 10 grams. Domestically, traders attributed the rise in gold prices to the increased demand from retail buyers as well as jewelers due to the recent reduction in customs duty. According to market experts, the weak US economic data released on Thursday and increasing tensions in West Asia are seen behind the continued buying in gold.
Looking for a safe investment destination
Investors in commodity markets are showing positive sentiment as they look for safe investment destinations for themselves amid expectations of repo rate cuts by the US Federal Reserve. Manav Modi, Senior Analyst, Commodity Research at MOFSL, said gold prices continued to rise after weaker-than-expected economic data and Federal Reserve Governor Jerome Powell hinted at an interest rate cut in early September. Globally, Comex gold is trading at $2,507.40 an ounce, up $26.60 an ounce from its previous close. Kaynat Chainwala, Co-Vice President (Commodity Research) at Kotak Securities, said Comex gold is hitting record highs amid rising expectations of multiple rate cuts this year.
gold in futures market
On Friday, the price of gold in futures trading rose by Rs 641 to Rs 70,595 per 10 gram. On the Multi Commodity Exchange, the price of the contract for delivery in the month of August rose by Rs 641 or 0.92 percent to Rs 70,595 per 10 gram. 19,971 lots were traded in it. Market analysts said that the buying of fresh deals by traders led to the rise in gold futures prices. Globally, gold rose by 1.12 percent to $ 2,508.60 per ounce in New York.
Silver in futures market today
In futures trading, the price of silver rose by Rs 1,232 to Rs 83,826 per kg. On the Multi Commodity Exchange, the price of silver contract for delivery in September rose by Rs 1,232 or 1.49 per cent to Rs 83,826 per kg. 25,569 lots were traded in it. Market analysts said that due to the firm trend in the domestic market, the silver futures prices rose as traders bought fresh deals. Globally, the price of silver rose by 1.87 per cent to $29.01 per ounce in New York.
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