Despite a weak trend overseas, the precious metal rose in the domestic market due to increase in demand from jewelers.
Gold prices rose by Rs 200 to hit an all-time high of Rs 78,700 per 10 gram, even as the precious metal declined globally. On Friday, the yellow metal had closed at Rs 78,500 per 10 grams. Here, silver jumped by Rs 500 to Rs 93,500 per kg. In its last closing price it had closed at Rs 93,000 per kg. According to PTI news, the price of gold increased due to continuous buying by stockists and traders.
Price of 99.5% pure gold
According to the news, gold of 99.5 percent purity rose by Rs 600 to its all-time high of Rs 78,300 per 10 grams. The metal closed at Rs 78,100 per 10 grams. Earlier on October 7, the price of gold had reached a record Rs 78,700 per 10 grams. Gold contracts for December delivery traded lower by Rs 207, or 0.27 per cent, at Rs 76,100 per 10 gram in futures trade on the Multi Commodity Exchange (MCX). On MCX, silver contracts for December delivery fell by Rs 929, or 1.01 per cent, to Rs 90,761 per kg.
Expert opinion
Despite a weak trend overseas, the precious metal rose in the domestic market due to increase in demand from jewelers. Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said market participants are closely monitoring the potential impact of China’s stimulus measures, although uncertainty about the specifics and aggregate figures is creating hesitation in global liquidity flows. . In international markets, Comex gold fell by 0.25 percent at 2,669. Trading at US$50 per ounce.
Started business on weak note
Saumil Gandhi, senior commodity analyst at HDFC Securities, said gold started trading on a weak note on Monday under pressure from a stronger US dollar and treasury yields. Furthermore, liquidation of longs by short-term traders also negatively impacted gold prices, and money managers reduced their net-bullish bets. Gandhi said gold prices were at their lowest level in eight weeks. In Asian markets, silver fell 1.17 percent to $31.39 an ounce.
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