global markets Due to strengthening in the prices of precious metals in the national capital, the price of silver in the bullion market of the national capital rose by Rs 1,800, crossed the level of Rs 88,000 and reached a new record high of Rs 88,700 per kg. At the same time, the price of gold increased by Rs 650 to Rs 74,050 per 10 grams. Silver rose for the second consecutive session. In the international market, Comex, spot gold was trading at $2,386 an ounce, which is $21 stronger than its previous close. Silver also increased to $ 29.55 an ounce. In the last session it had closed at $ 28.80 an ounce.
Silver price at life time high
In Delhi, silver price rose by Rs 1,800 to its all-time high of Rs 88,700 per kg. In the last session it had closed at Rs 86,900 per kg. Meanwhile, the price of gold jumped by Rs 650 to Rs 74,050 per 10 grams. In the previous session, it had closed at Rs 73,400 per 10 grams. Bullion rose on Thursday as yesterday’s lower US inflation data raised the possibility of an interest rate cut in early September. In April, the underlying US inflation rate fell for the first time in six months.
Due to this huge jump in price
Following the release of economic data, the US dollar index slipped to a fifth-week low and US bond yields declined, which is also positive for the precious metal, said Saumil Gandhi, senior analyst-commodity at HDFC Securities. Jatin Trivedi, Vice President, Research Analytics, Commodity & Currency, LKP Securities, said gold prices are trading with an overall positive bias, with some minor profit-booking at higher levels, especially when the anticipated Consumer Price Index (CPI) There is purchase inspired by.
This is why silver shines brighter
Harish V, head of commodities, Geojit Financial Services, said the sharp rise in silver prices is mainly due to its unique industrial properties, which differentiate it from gold. Prices of key industrial metals such as copper, aluminium, zinc and lead have risen sharply since April on concerns over supply threats.
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