Earthquake in gold and silver prices, prices increased by ₹ 9500; Why did investors' interest increase amid inflation and global tension?
New Delhi If you are planning to buy or invest in gold and silver, then this news is important for you. In the national capital Delhi on Friday, the price of gold increased by Rs 1,500 (gold price hike) to Rs 1,58,700 per 10 grams. According to All India Bullion Association, this rise in gold prices was due to strength in global markets and new purchases by stockists.
Traders said that gold of 99.9 percent purity had closed at Rs 1,57,200 (gold price today) per 10 grams in the last session. Earlier on Wednesday, gold had reached an all-time high of Rs 1,59,700 (gold rate today) per 10 grams. Market experts say that geopolitical risks, weak US dollar and increasing demand for safe investments have given strong support to gold.
Gold made a new record, so what did the experts say?
According to Soumil Gandhi, commodities expert at HDFC Securities, gold hit a new record on Friday and recorded its strongest weekly performance since March 2020. Investors are considering gold as a safe option in uncertain circumstances, due to which the prices are getting continuous support.
Tremendous rise in silver, Rs 9500. increased price
Along with gold, a tremendous rise was also seen in silver. The price of silver increased by Rs 9,500 (silver price hike) i.e. about 3 percent to Rs 3,29,500 (silver price today) per kg (including all taxes). In the last session, silver had closed at Rs 3,20,000 (silver rate today) per kg. On Wednesday, silver had set a record of Rs 3,34,300 per kg in the local market.
Also read- Gold Price Hike: Historic jump of gold, reached so close to record 5000 dollars; Sudden rise due to these 5 reasons?
Gold and silver dominate the international market
Precious metals also touched new highs in international markets. In the spot market, gold crossed $ 4,950 an ounce (gold all time high), while silver reached above $ 99 an ounce (silver all time high) for the first time. According to Forex.com, gold rose by $ 30.73 or 0.62 percent to reach a record high of $ 4,967.41 an ounce.
Gold is skyrocketing because of Greenland
Praveen Singh, analyst at Mirae Asset Sharekhan, said that gold remains at a high level due to uncertainty over Greenland and global tensions. At the same time, silver also gained momentum and was seen trading at $ 99.46 an ounce after touching the record level of $ 99.78.
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