gold and silver prices
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Expansion
According to All India Bullion Association, gold prices in the national capital on Tuesday rose by Rs 600 to Rs 78,050 per 10 grams amid a strong global trend. On Monday, this precious metal with 99.9 percent purity closed at Rs 77,450 per 10 grams.
Increase in prices due to increase in shopping during wedding season
Meanwhile, gold contracts for December delivery rose by Rs 615, or 0.82 per cent, to Rs 75,662 per 10 grams in futures trade on MCX. “Gold prices bounced back on MCX in the last session after several days of weak performance, mainly due to the fall in the dollar index,” said Deveya Gaglani, senior research analyst at Axis Securities.
On the Multi Commodity Exchange (MCX), the futures price of silver for December delivery rose by Rs 677, or 0.75 percent, to Rs 91,190 per kg. In international markets, gold futures on Comex rose by $ 19.50 an ounce, or 0.75 percent, to $ 2,634.10 an ounce.
The attractiveness of gold also increased due to increasing geopolitical tension.
According to Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, gold prices reached a weekly high on Tuesday due to US Treasury yields, weakness in the dollar and increased demand for gold as a safe haven investment. The price of gold went above $ 2,615 an ounce.
Silver futures on Comex rose 0.79 percent to $31.47 an ounce in Asian trading hours. According to a report by Goldman Sachs, the agency forecasts a substantial increase in precious metals prices in the coming year, likely due to increased central bank acquisitions and expected cuts in US interest rates. In the report, the target of US$3,000 an ounce by December 2025 has been reiterated. Gold has seen a strong rise this year and set many records, but it declined after Trump’s victory in the US presidential election, which strengthened the dollar.