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Gold prices in Delhi surged ₹2,000 per 10 grams to ₹1,27,900 amid strong global cues, while silver jumped ₹5,540 to ₹1,61,300 per kg. Global market trends and U.S. economic optimism fueled this sharp rise in precious metals.
Gold prices surge; silver also reaches record levels
New Delhi: Gold and silver prices witnessed a sudden surge on November 13th in the bullion market across India, including the national capital, Delhi. Due to strong global cues and high prices in international markets, gold prices rose by ₹2,000 per 10 grams in a single day. This surge is said to be the largest in recent months, surprising both investors and buyers.
According to the All India Sarafa Association (IBJA), the price of 99.9 percent pure gold rose by ₹2,000 to ₹127,900 per 10 grams (including all taxes). Meanwhile, the price of 99.5 percent pure gold also reached ₹127,300 per 10 grams.
On Monday, it closed at Rs 125,300 per 10 grams. This means that gold has become more expensive by Rs 3,300 per 10 grams in just two days.
Along with gold, silver prices have also seen a sharp increase. On Wednesday, silver prices jumped by a huge Rs 5,540 to reach Rs 161,300 per kilogram. On Monday, it closed at Rs 155,760 per kilogram. This represents an increase of about Rs 5,500 in two days.
Delhi's bullion market was closed on Tuesday due to security reasons, as the administration had decided to keep the market closed as a precautionary measure following the November 10th blast near the Red Fort.
Consequently, the market reopened on Wednesday, and upon opening, both gold and silver prices saw a sharp jump.
Gold and Silver Prices Soar
Experts believe that the biggest reason behind this rally is strong signals from global markets. According to Jatin Trivedi, Vice President of LKP Securities, gold prices in the international market have remained stable at around $4,100 per ounce.
This has strengthened investor sentiment, leading to a rise in gold prices in the domestic market.
Another major reason for the rise in gold prices is the economic and political situation in the US. The expectation of an end to a potential US government shutdown has boosted investor confidence.
If this shutdown ends, important economic data will be released from the US, which will influence the Federal Reserve's interest rate policy.
If interest rates are not raised at the December meeting, it will be a positive sign for precious metals like gold.
Gold Rate Today: Surge in market prices; Why more buyers are choosing 18K over 24K?
Gold prices are also stable at high levels in the international market. Spot gold traded at $4,127.59 per ounce, while silver rose 0.86 percent to $51.66 per ounce. These global prices are directly impacting the Indian market.
