On Tuesday, the day of Dhanteras, a jump was recorded in the prices of gold and silver. In the national capital, gold prices rose by Rs 300 to Rs 81,400 per 10 gram, close to their all-time high. Similarly, silver price increased by Rs 200 to Rs 99,700 per kg. According to PTI News, it closed at Rs 99,500 per kg on Monday. Traders said they are ignoring traditional gold buying at current levels and preferring silver coins for token purchases.
The increase occurred for these reasons.
According to the news, gold and silver prices remained firm due to strong demand for Dhanteras from jewelers and retailers and rising demand from industrial units and coin manufacturers. According to the All India Bullion Association, gold with 99.5 per cent purity jumped Rs 300 to almost its all-time high of Rs 81,000 per 10 grams. On Monday, the precious metal of 99.9 percent and 99.5 percent purity closed at Rs 81,100 and Rs 80,700 per 10 grams.
How was the price in the futures market today?
In futures trading on Multi Commodity Exchange (MCX), gold contracts for December delivery were trading higher by Rs 178, or 0.23 per cent, at Rs 78,744 per 10 gram. Jatin Trivedi, vice president of research and commodity and currency analyst at LKP Securities, said gold prices on MCX remained positive as Dhanteras boosted enthusiasm for long positions. There was more buying on this auspicious day, so the prices on MCX increased and the prices were trading above Rs 80,000 in the physical jewelry market. Silver contracts for December delivery gained Rs 786, or 0.81 percent, to Rs 98,210 per kg on MCX.
Also know the expert’s opinion
Saumil Gandhi, senior analyst at HDFC Securities (commodities), said gold hit a record high in European trading hours on Tuesday amid concerns over the US presidential election and the growing US debt crisis. ., which is increasing demand for safe haven investments in precious metals. According to Pranav Mer, Vice President (Research) at BlinkX and JM Financial, gold is trading positively with buying on every small correction in the last three trading sessions. Meir said this week that the focus will be on the US presidential election and the results of the Federal Reserve’s monetary policy next week. Deveya Gaglani, research analyst (commodities) at Axis Securities, said traders turned to safe havens due to the ongoing war between Russia and Ukraine, geopolitical tensions in the Middle East and the Federal Reserve’s biggest rate cut. 50 basis points in four years. increased, increasing the attractiveness of the precious metal.
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