Gold and silver prices have reached record high in Delhi’s bullion market. Amid the bullish trend in global markets, gold and silver prices continued to rise for the fourth consecutive trading session in the bullion market of the national capital on Friday. Gold crossed the level of Rs 73,000 per 10 grams with a rise of Rs 1,050. At the same time, there has been a record increase in the prices of silver. Silver price witnessed a rise of Rs 1,400 and reached a new record high of Rs 86,300 per kg.
Gold and silver prices reached the highest level
According to HDFC Securities, gold prices in Delhi rose by Rs 1,050 to hit an all-time high of Rs 73,350 per 10 grams. In the previous session, it had closed at Rs 72,300 per 10 grams. HDFC Securities Research Analyst Saumil Gandhi said, “Taking cues from the firm trend in overseas markets, the spot price of 24 carat gold in Delhi markets was trading at a fresh record high of Rs 73,350 per 10 grams, which was the previous close.” There is an increase of Rs 1,050 from the price. Commodity markets remained partially closed on Thursday on the occasion of Eid-ul-Fitr.
International market boom
In the international market, Comex, the price of gold stood at $ 2,388 an ounce, which is $ 48 more than the previous closing price. Gold hit a new all-time high in the early hours of the European trading day on Friday. Demand for gold as a safe haven supported the precious metal’s rise following heightened tensions in West Asia and the possibility of Iran retaliating against an Israeli attack on its embassy in Syria. Apart from this, silver also rose sharply to reach $ 28.95 per ounce. In the last session it had closed at $ 28.05 an ounce.
In MCX futures trade, gold reached a high of Rs 72,828 per 10 grams during the day’s trade. The price of the most traded June contract of gold rose by Rs 1,037 to Rs 72,681 per 10 grams. Upcoming macroeconomic data to be announced by Britain and Germany and trade data from China will provide further direction for gold prices.
Gold becomes the safest investment
The price of gold in the international market has increased rapidly in the last three weeks. During this period, the price of silver has also maintained its pace. The reason for this rise in the prices of gold and silver is tremendous buying by central banks around the world. Recently, Public Bank of China has purchased a large amount of gold in March. At the same time, many global banks of the world have also increased their gold reserves. Apart from the central banks around the world, there is an atmosphere of instability in the global world due to the war between Russia, Ukraine, Israel and Hamas. Therefore gold remains the safest investment among investors.
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