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A huge jump has been seen in the prices of gold and silver across the country including the National Capital Delhi. According to experts, due to global instability and weakness in the dollar, investors’ interest has again increased towards precious metals.
Gold prices increases in bullion market (Source: Internet)
New Delhi: There is a immense rise in the prices of gold and silver in India's bullion market on Friday. According to the All India Bullion Association, gold of 99.9% purity rose by Rs 700 to Rs 99,370 per 10 grams, which closed at Rs 98,670 on Thursday, reports Dynamite News correspondent.
At the same time, a significant increase was also registered in the prices of silver. Silver rose by Rs 1,500 to Rs 1,05,500 per kg on Friday, while it was priced at Rs 1,04,000 on Thursday.
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Apart from this, the price of gold of 99.5% purity also increased by Rs 600 to Rs 98,800 per 10 grams.
According to the India Bullion and Jewelers Association (IBJA), the prices of gold and silver at key purity levels on Friday were as follows:
24 carat gold: ₹97,511/10 grams
23 carat gold: ₹97,121/10 grams
22 carat gold: ₹89,320/10 grams
18 carat gold: ₹73,133/10 grams
14 carat gold: ₹57,044/10 grams
Silver (999): ₹1,10,290/kg
Due to the market being closed on Saturday and Sunday, these rates will remain the same for the next two days.
Gold demand increased (Source: Internet)
According to Saumil Gandhi, Senior Commodity Analyst, HDFC Securities, the increasing trade tension between the US and Canada has weakened the dollar, increasing the demand for gold as a safe investment. This is the reason why gold has also risen in the global markets.
Spot gold: $ 3,348.67 per ounce (0.74% increase)
Spot silver: $ 37.61 per ounce (1.64% increase)
According to experts, investors are now keeping an eye in the US June CPI data to be released on Tuesday, which can further determine the direction of prices.
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Gold for August delivery on MCX rose by Rs 540 to Rs 97,231 per 10 grams on Friday. During this period, a total of 12,125 lots were traded. Experts believe that the strength of both domestic and international markets has fueled this rise.
At the same time, silver prices can be increased in future also. The September delivery contract rose by 1.61% and reached ₹ 1,10,885 per kg. 19,114 lots were traded in this deal.
However, silver fell 0.91% to close at $ 37.33 an ounce in the global market.
