The price of gold A record high has been reached. Let us tell you that today for the first time it has reached Rs 65000 per 10 grams. On Tuesday, the price of gold recorded a huge increase of Rs.800. Let us tell you that the price of gold remained at Rs 64,200 per 10 grams in the national capital’s bullion market on Monday. Jatin Trivedi, VP Research Analyst, LKP Securities, said signs of easing inflationary pressures along with a decline in industrial and construction spending in the US also boosted gold prices. Additionally, heightened geopolitical tensions have dampened appetite for short selling, adding to the gold’s attractiveness as falling assets are bought by buybacks, Trivedi said.
A big increase in the price of silver
Along with the price of gold, the price of silver also increased by Rs 900 to Rs 74,900 per kg. It had closed at Rs 74,000 per kg in the previous trade. Spot gold (24 carat) rose by Rs 800 to Rs 65,000 per 10 grams in Delhi markets, taking bullish cues from overseas markets. In domestic markets, spot gold touched a new high of Rs 65,000 on Tuesday, said Somal Gandhi, senior commodity analyst at HDFC Securities.
Global markets also boom
In international markets, spot gold on Comex was trading at $2,110 an ounce, up 1 percent from its previous close. Gold prices saw a rally after the US Federal Reserve increased interest rate cut speculation in June, with the MCX gaining over Rs 2,400 in the last three days. Pranav Mir, director of research (commodity and currency) at JM Financial said gold and silver prices have recovered and are trading positively despite a firmer dollar, steady movement in global equities and interest rates. Uncertainty over the US Fed’s policy cuts has increased investors’ attraction to safe-haven assets. Due to which the price of gold has increased tremendously.
Latest business news.
