Gold Silver Price: Dhanteras, Diwali and wedding season, gold and silver at record high amid ever-increasing demand
Sone aur Chandi ke Bhav: Before the start of Dhanteras, Diwali and wedding season, gold and silver prices also rose on Wednesday. Gold and silver prices reached new record levels for the sixth consecutive trading session. Let us know what was the price of gold and silver in the country’s capital and why it has been continuously rising in the last few days.
The Awadh Times: Business Desk- Gold silver prices in Delhi rose for the sixth consecutive trading session on Wednesday and reached new record levels due to increased demand ahead of Dhanteras, Diwali and wedding season. According to the All India Sarafa Association, the price of gold rose by Rs 500 to an all-time high of Rs 81,500 per 10 grams, while the price of silver rose by Rs 1,000 to Rs one lakh two thousand per kilogram.
The Gold silver prices of 99.9 per cent and 99.5 per cent purity rose by Rs 500 each to Rs 81,500 per 10 grams and Rs 81,100 per 10 grams, respectively. On Tuesday, the price of silver rose by Rs 1,000 to a new high of Rs 1.02 lakh per kg, while earlier the price of silver closed at Rs 1.01 lakh per kg
Silver strengthened by Rs 10,000 in the last six trading sessions
Silver prices rose by Rs 10,000 per kg in the last six trading sessions. Since October 16, gold prices have risen by Rs 2,850 per 10 grams. According to Narinder Wadhwa, Managing Director of SKI Capital, the reason for the price of silver reaching Rs 1 lakh in the bullion market and MCX is the increased demand during the festive season and the geopolitical risk arising from the ongoing conflict in West Asia.
Gold silver prices fell by 7 per cent in the local markets after the government cut customs duty on imports of gold and other metals in July. After that, festivals, expectations of interest rate cuts in the US and increasing geopolitical tensions increased demand among Indian consumers, which led to a surge in bullion prices.
The Gold silver prices contract for December delivery in futures trading on MCX rose by Rs 112 or 0.14 per cent to Rs 78,768 per 10 grams. During trading, the precious metal jumped Rs 263 or 0.33 per cent to an all-time high of Rs 78,919 per 10 grams.
Know the reason for the rise in gold prices here
Gold silver prices showed another positive trend due to the rise in Comex and gold reached close to $ 2,750. This helped gold to remain above Rs 78,750 on MCX. Jatin Trivedi, Vice President, Commodity & Currency Segment, LKP Securities and Research Analyst, said, “The current favorable interest rate cycle has been the main reason supporting the rise in gold.
” Apart from this, Trivedi said that uncertainty over the result of the upcoming US presidential election is also playing a role in keeping gold prices high.
Meanwhile, silver futures for December delivery fell by Rs 456 or 0.46 per cent to Rs 99,516 per kg. During the day’s trade, the price of silver on MCX rose by Rs 109 or 0.11 per cent to reach near all-time high of Rs 1,00,081 per kg. Globally, Comex gold futures were seen trading 0.17 per cent higher at $2,764.50 an ounce. Gold prices continued to rise and crossed the $2,750 mark on Wednesday.
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Investors are attracted to gold due to the ongoing tension in West Asia. According to Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, traders are being attracted to gold due to the current risk-free environment and the possibility of increasing tension in West Asia, and investment in it is increasing.
However, silver was seen trading 0.86 percent lower at $ 34.74 an ounce in Asian markets. Rahul Kalantri, Vice President, Commodities, Mehta Equities Limited, said, “Gold and silver witnessed a strong rally, gold prices reached new highs, while silver reached a new 12-year high of $ 35 an ounce.”
