gold and silver prices
– Photo: ANI
Expansion
In the national capital on Tuesday, the price of gold rose by Rs 350 to reach a new all-time high of Rs 81,000 per 10 grams. At the same time, silver crossed the level of Rs 1 lakh with a rise of Rs 1,500. According to All India Bullion Association, continuing its rise for the fifth consecutive day, silver rose by Rs 1,500 and reached a new high of Rs 1.01 lakh per kg. On Monday, silver closed at Rs 99,500 per kg.
Arun Mishra, Chief Executive Officer and Whole-time Director, Hindustan Zinc Limited, said, “The current rise in silver prices has come due to increased industrial demand. The rise in demand from semiconductor, battery manufacturing and jewelery manufacturing sectors has led to the rise in prices.”
Silver can reach the price of Rs 1.10 lakh per kg before Diwali
According to Jatin Trivedi, Vice President and Research Analyst, Commodity and Currency Segment, LKP Securities, silver prices continued to rise and crossed Rs 1 lakh in the Indian physical markets. There are bullish indications in silver that its prices may reach Rs 1.10 lakh per kg before Diwali. Apart from this, gold of 99.5 percent purity jumped by Rs 350 to reach a new high of Rs 80,600 per 10 grams.
Earlier, gold of 99.5 percent purity had closed at Rs 80,250 per 10 grams on Monday, while gold of 99.9 percent purity had closed at Rs 80,650 per 10 grams. Bullion traders have attributed the rise in prices of precious metals to increasing industrial demand in the domestic market and increasing consumption of jewellery.
Price of December delivery gold contract increased by Rs 208
According to traders, growth concerns in China, rising geopolitical tensions in West Asia and most global central banks maintaining status quo on interest rates also kept prices up. Gold contracts for December delivery rose by Rs 208, or 0.27 per cent, to Rs 78,247 per 10 grams in futures trade on the Multi Commodity Exchange (MCX).
There has been a rise in the prices of gold on MCX and due to the rise, the prices are going up further. Trivedi said that with the risk barometer remaining high, gold prices are likely to continue rising in the near future due to continued demand for bullion. He said investors are closely monitoring interest rates, global conflicts and macroeconomic data. These factors will play an important role in shaping the direction of gold. On the exchange, the futures price of silver for December delivery rose by Rs 882, or 0.91 percent, to Rs 98,330 per kg.
Gold futures prices also increased on Comex
In the Asian market, Comex gold futures rose 0.30 percent to a new record high of $ 2,747.10 an ounce. “Gold prices rose to $2,747 an ounce as investors eye the BRICS summit, where Russia looks to challenge US dollar dominance with a new global financial payments system,” said Kainat Chainwala, AVP, Commodity Research, Kotak Securities. “Planning to give.”
Globally, silver Comex futures rose nearly one percent to $34.41 an ounce. Manav Modi, Senior Analyst (Commodity Research), Motilal Oswal Financial Services Ltd, said, “The bullion market gained momentum despite the dollar remaining close to its highest level since the beginning of August, as traders were looking at interest rates from the US Federal Reserve. “Rate cuts were expected to be slow.”
Modi said this week the market’s focus will be on International Monetary Fund (IMF) meetings, preliminary manufacturing and services sector PMIs of major economies, US durable goods orders and comments from Fed officials. These things will determine the pace of bullion prices in the coming time.