There was a big rise in the prices of gold and silver in the bullion market of the national capital on Thursday. After two days of continuous decline, an increase of Rs 3,000 per 10 grams was recorded in the price of gold. With this, gold of 99.9 percent purity reached Rs 1,47,500 per 10 grams (including all taxes). Earlier on Wednesday its price was Rs 1,44,500 per 10 grams.
Silver also gained momentum
Along with gold, silver prices also remained on the rise for the third consecutive trading session. On Thursday, silver became costlier by Rs 5,000 per kg and reached Rs 2,40,000 per kg (including all taxes). In the last trading session, its price was Rs 2,35,000 per kg. Traders say that silver prices are continuously getting support due to strong industrial and investment demand.
Got support from international market
According to experts, the direct impact of the rise in the prices of gold and silver in foreign markets was seen on the domestic market. The weakening of the dollar increased the demand for gold, which strengthened its prices. At the same time, investors also increased the purchase of gold as a safe investment option.
According to Saumil Gandhi, senior commodity analyst at HDFC Securities, there was an atmosphere of relief in the market after the US Federal Reserve indicated that it would adopt a less stringent stance on interest rates than expected. This reduced the fear of an early increase in interest rates and supported gold prices.
Prices also increased in the global market
The price of spot gold in the international market increased by $ 38.75 (about 1%) to reach $ 4,070.04 per ounce. At the same time, spot silver was seen trading at $ 59.89 an ounce with a rise of 1.3 percent.
Market experts believe that if the dollar remains weak and global economic uncertainty continues, then gold and silver prices may remain bullish with fluctuations in the coming days. Investors will now keep an eye on global economic indicators and the policies of central banks.
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