The wedding season has begun across the country. Due to which there has been an increase in gold prices in the local markets of the country. In Delhi, the capital of the country, a good increase in gold and silver prices has been observed. According to experts, during the wedding season the demand for gold has increased. On the other hand, an increase in gold and silver prices has also been observed in foreign markets.
Even on Multi Commodity Exchange, gold prices have crossed the Rs 74,000 level. Traders said that in addition to wedding season demand from jewelers and retailers, a strong global trend in gold was weighing on precious metal prices. Local bullion markets were closed on Friday on the occasion of Guru Nanak Jayanti. Let us also tell you what level gold and silver prices have reached.
Gold and silver became expensive in Delhi
On Monday, gold and silver prices rose in the bullion market in Delhi, the country’s capital, due to the strengthening trend in the global market, as well as increased purchases by jewelers and retailers for the current wedding season. In the local market, gold with 99.9 per cent purity rose by Rs 400 to Rs 77,450 per 10 gram, breaking the four-day downward trend.
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On Thursday, gold closed at Rs 77,050 per 10 grams. The price of gold with 99.5 percent purity increased from Rs 400 to Rs 77,050 per 10 grams. In the last trading session it had closed at Rs 76,650 per 10 grams. Silver also rose by Rs 1,810 to Rs 92,000 per kg, while its price closed at Rs 90,190 per kg on Thursday.
MCX also regained momentum
There is an increase in gold and silver prices in the country’s Multi Commodity Exchange futures market. At 7 pm, the gold price is trading at Rs 74,682 per ten grams with an increase of Rs 736. While during the trading session, the gold price touched the day’s high of Rs 74,815. By the way, gold prices opened at Rs 74,420 this morning.
If we talk about silver, at 7 p.m. a rise was observed in the Multi Commodity Exchange. According to MCX data, silver price is trading at Rs 89,640 per kg with an increase of Rs 1,219. While silver also hit the day’s high of Rs 89,824. However, this morning the silver price opened at Rs 89,200.
The shine of gold and silver also increased in foreign markets
An increase in the brilliance of gold and silver has also been observed in foreign markets. The future price of gold on Comex is trading at $2,601.60 per ounce with an increase of $32 per ounce. While the spot gold price is trading at $2,597.42 per unit with an increase of $34 per unit.
On the other hand, an increase in silver prices is also observed on Comex. The silver future price is trading at $30.90 per unit with an increase of 1.54 percent. The spot price of silver has increased by 2.26 percent and the price has reached $30.96 per ounce.
What do the experts say?
Jatin Trivedi, vice president research analyst (commodities and currencies) at LKP Securities, said there was a sharp rise in gold due to rising geopolitical tension between Russia and Ukraine. This geopolitical risk boosted gold prices as investors flocked to safe haven assets. Saumil Gandhi, senior analyst (commodities) at HDFC Securities, said the precious metal started trading on a positive note as geopolitical developments over the weekend spurred some investment inflows. Meanwhile, retail demand in India is likely to improve due to the current wedding season, Gandhi said.
