gold price
Bullion prices regained momentum on Wednesday after two days of sharp decline amid a strong global trend and vigorous buying by local jewelers. During this period, silver touched Rs 95,800 per kg with the biggest jump of Rs 5,200 in a day.
In the national capital Delhi, gold with 99.9 per cent purity rose by Rs 650 to Rs 78,800 per 10 gram. Gold had fallen by Rs 2,250 in the last two trading sessions. On Tuesday it closed at Rs 78,150 per 10 grams.
Gold prices increased by Rs 950.
The price of gold with 99.5 per cent purity rose by Rs 950 to Rs 78,700 per 10 grams on Wednesday. Silver prices in the national capital witnessed the highest single-day rise of Rs 5,200 and touched Rs 95,000 per kg after a gap of two weeks. Previously, the highest one-day rise in silver price was recorded on October 21, when it rose by Rs 5,000.
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Due to this, silver had fallen by Rs 2,700 in the last two days and on Tuesday closed at Rs 90,600 per kg. Traders attributed the rise in precious metal prices to the volatile geopolitical situation in West Asia, as well as increased consumption in the industrial and garment trading segments in the domestic market.
Jatin Trivedi, vice president and research analyst (commodities and currencies) at LKP Securities, said the market was trading on a firm note due to geopolitical tensions and fluctuations in the dollar. Gold’s broad bullish trend continues, but near-term uncertainty remains.
MCX gold at Rs 75,900 is slightly below its high but well above the low of Rs 67,500 seen during the budget week, he said. Globally, Comex gold futures rose $27 an ounce, or 1.02 percent, to $2,673.30 an ounce. made.
Geopolitical risks and US President-elect Donald Trump’s tariff plans have boosted investment in gold and helped it regain lost ground, said Saumil Gandhi, senior commodities analyst at HDFC Securities. This led to a rise in gold prices on Wednesday, Gandhi said apart from this, falling US dollar and bond yields also supported gold prices. In the Asian market, silver rose 0.33 percent to $30.94 an ounce.
