There has been a rise in gold prices on the day of Dhanteras. On the other hand, an increase in the price of silver has also been seen. Where an increase of Rs 300 has been observed in gold prices. On the other hand, the price of silver remains below Rs 1 lakh on the day of Dhanteras. Traders say that due to high gold prices, the demand for gold is a bit weak. While on the occasion of Dhanteras, the purchase of silver coins is observed. Let us also tell you what kind of gold and silver prices were being observed in the Delhi bullion market.
Gold and Silver Prices in Delhi
According to All India Bullion Association, due to strong demand for Dhanteras by jewelers and retailers, the price of gold in the country’s capital Delhi increased by Rs 300 to Rs 81,400 per 10 grams on Tuesday, which is close to its record level. Apart from this, gold with 99.5 per cent purity rose by Rs 300 to hit an 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.
Silver rose by Rs 200 to Rs 99,700 per kg due to increased demand from industrial units and coin manufacturers. At last close on Monday, it had closed at Rs 99,500 per kg. Traders said that at the current level they ignore traditional gold purchases and prefer silver coins for symbolic purchases.
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Optimism in the futures market too
Gold contracts for December delivery rose by Rs 178, or 0.23 per cent, to Rs 78,744 per 10 gram in futures trading on the Multi Commodity Exchange (MCX). On MCX, silver for December delivery contract rose by Rs 786 or 0.81 per cent to reach Rs 98,210 per kg. Globally, Comex gold futures rose 0.23 percent to $2,762.20 an ounce. On the other hand, in Asian markets silver is trading at $34.33 per unit, with an increase of around one percent.
What do the experts say?
Jatin Trivedi, VP Research, Currency and Commodities Analyst at LKP Securities, said gold prices on MCX remained positive as enthusiasm for long positions with Dhanteras increased. There was more buying on this auspicious day, due to which the prices increased on MCX and in the physical jewelery market the prices were trading above Rs 80,000. Gold rose to record highs in European trading hours on Tuesday amid concerns over the US presidential election and the looming US debt crisis, boosting safe haven demand, said Saumil Gandhi, senior analyst (commodities). of HDFC. Inflows of precious metals are increasing. According to Pranav Mer, VP Research (Commodities & Currency) at BlinkX and JM Financial, gold is trading positively with buying seen at every small correction in the last three trading sessions.
