The price of gold and silver does not go down. Gold becomes more expensive for six consecutive days. Both precious metals once again reached new all-time highs on Wednesday. In view of the festival and wedding season, the demand for gold has also increased. According to the All India Bullion Association, gold and silver prices hit new all-time highs in the national capital, rising for the sixth consecutive session. Gold price rose by Rs 500 to Rs 81,500 per 10 gram, while silver rose by Rs 1,000 to Rs 1.02 lakh per kg. According to PTI News, silver prices have increased by Rs 10,000 per kg in the last six trading sessions. Since October 16, gold has risen by Rs 2,850 per 10 grams.
Gold price of 99.9% and 99.5% purity.
On Wednesday, gold prices of 99.9 per cent and 99.5 per cent purity rose by Rs 500 each to Rs 81,500 per 10 gram and Rs 81,100 per 10 gram respectively. Silver price rose by Rs 1,000 to Rs 1.02 lakh per kg, while on Tuesday its price closed at Rs 1.01 lakh per kg. Uncertainty over the outcome of the upcoming US presidential election is helping to keep gold prices high.
Prices had fallen after the reduction of basic customs duties.
According to Narinder Wadhwa, MD, SKI Capital, silver prices reaching Rs 1 lakh in the physical market and on MCX are a clear reflection of multiple factors such as seasonal demand in India and geopolitical risks from the West Asia conflict. In July, gold and silver prices fell a sharp 7 percent in local markets after the government reduced basic customs duties on gold and other metals. However, bullion prices rose due to increased demand from Indian consumers due to ongoing festivals, expectations of an interest rate cut in the US and rising geopolitical tensions.
Gold price in the futures market
Gold contracts for December delivery rose by Rs 112, or 0.14 per cent, to Rs 78,768 per 10 gram in futures trading on MCX. During the day, the precious metal had risen by Rs 263 or 0.33 per cent to hit an all-time high of Rs 78,919 per 10 gram. Gold prices saw another positive move due to the rise on the COMEX, where gold reached near $2,750. Due to this, the gold price on MCX remained above Rs 78,750, indicating the underlying bullish sentiment.
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