For the second day in a row, gold prices gained rocket speed and crossed Rs 80,000. Two consecutive days of gains have taken gold prices to a two-week high. According to the All India Bullion Association, an increase of Rs 1,100 was seen in the price of gold on Friday. On the other hand, an increase of Rs 300 has been observed in the price of silver. The special thing is that in two days the price of gold has increased by Rs 2,500. An increase of Rs 1,400 was seen in gold prices on Thursday. However, an increase in gold and silver prices has been observed on the Multi Commodity Exchange. Let us also tell you how much gold has cost in the country’s capital, Delhi.
Gold becomes more expensive in Delhi for the second day in a row
According to the All India Bullion Association, gold prices rose by Rs 1,100 to a two-week high of Rs 80,400 per 10 gram in the national capital on Friday due to continued buying by jewelers and retailers during the wedding season. On Thursday, the precious metal with 99.9 percent purity closed at Rs 79,300 per 10 grams. The price of gold with 99.5 percent purity increased by Rs 1,100, taking it to Rs 80,000 per 10 grams for the second consecutive day. On Thursday, the yellow metal closed at Rs 78,900 per 10 grams. On the other hand, silver price increased by Rs 300 to Rs 93,300 per kg. In the last session it was seen at Rs 93,000 per kg.
Gold became more expensive by Rs 2,500
The special thing is that in the last two weeks the price of gold has seen an increase of Rs 2,500. According to the data, an increase of Rs 1,400 was observed in the price of gold a day ago. This means that in two days the price of gold has seen an increase of Rs 2,500. On the other hand, no change was observed in the price of silver a day ago. In such a situation, an increase of Rs 300 has been observed in the price of silver in two days. If experts are to be believed, further increases in gold and silver prices may be seen.
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Gold also became more expensive on MCX
Meanwhile, gold for December delivery rose by Rs 906, or 1.18 per cent, to Rs 77,599 per 10 gram in futures trading on the Multi Commodity Exchange (MCX). Silver contracts for December delivery rose by Rs 996, or 1.11 percent, to Rs 90,921 per kg. During the day, the metal rose by Rs 1,288 or 1.43 per cent to Rs 91,213 per kg on MCX. Globally, Comex gold futures rose $36 an ounce, or 1.33 percent, to $2,735.30 an ounce. Silver rose 1.42 percent to $31.83 an ounce in Asian market hours.
What do the experts say?
Jatin Trivedi, vice president of research and analyst (commodities and currencies) at LKP Securities, said the bullish environment continues due to the recovery of gold’s lost ground. He said that due to the growing global unrest, the price of gold rose on Comex and on MCX it rose from Rs 900 to Rs 77,600. This strong recovery highlights the resilience of gold and its role in balancing portfolios in times of uncertainty. Saumil Gandhi, senior commodities analyst at HDFC Securities, said gold traders ignored the strength of the US dollar amid rising tensions between Russia and Ukraine, leading to safe-haven flows into the bullion.
