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The weakness of the dollar and the growing trend of investors towards safe options are considered to be the main reasons behind gold-silver hike.
Ornaments are for ever (Source: Internet)
New Delhi: The prices of gold and silver have once again seen a rise today. According to the India Bullion and Jewelers Association (IBJA), today the price of 24 carat gold has reached Rs 98303 per 10 grams. At the same time, the price of silver has touched a new record of Rs 113867 per kg.
The international market situation, the weakness of the dollar and the growing trend of investors towards safe options are considered to be the main reasons behind the continuously rising prices. Today's latest rates (as of 15 July - morning)-
Today's rate (per 10 grams)
24 carat gold ₹ 98,303
23 carat gold ₹ 97,909
22 carat gold ₹ 90,045
18 carat gold ₹ 73,727
14 carat gold ₹ 57,507
Silver (999 purity) ₹ 1,13,867 per kg
There has been a huge jump in the prices of silver. On Monday, the price of silver in Delhi's bullion market jumped by a huge Rs 5,000 to reach the level of ₹ 1,15,000 per kg. This is the highest price so far. Last week also on Saturday, the price of silver reached ₹ 1,10,000 per kg, which is now close to the new record.
Silver also made a new record in the futures market. The September delivery contract on the Multi Commodity Exchange (MCX) reached the level of ₹ 1,14,875 on Monday, which is the highest level so far. Later it closed at ₹ 1,14,521 with a slight decline. 22,695 lots were traded in it.
Gold and silver prices rise again (Source: Internet)
Gold prices also continue to remain strong. The price of gold for August delivery on MCX rose by ₹ 518 or 0.53% to ₹ 98,336 per 10 grams on Monday. Also, gold of 99.9% purity in the spot market closed at ₹ 99,570 per 10 grams with a gain of ₹ 200. According to analysts, investors have adopted gold as a safe option due to economic uncertainties in the US and weakness in the dollar.
In the futures market too, due to new deals by speculators, the August delivery contract rose by ₹ 320 and reached ₹ 98,138 per 10 grams. A total of 12,393 lots were traded in it.
Experts believe that due to economic uncertainty in the US, weakness of the dollar, boom in global demand and geopolitical tensions, the prices of gold and silver are constantly touching the heights. Apart from this, there is also demand in the domestic jewelery sector, which is supporting the prices.
The rising prices are indicating that gold and silver will remain safe investment options for the time being. However, experts are advising cautious investment as prices are already at high levels and profit booking pressure can come at any time.
On 15 July both gold and silver metals have seen a rise. While gold reached ₹ 98,303 per 10 grams, silver is trading at ₹ 1,13,867 per kg. Investors should proceed with caution in view of the current situation.
