Gold, Silver Price Today: Monday was a bullish day for the Indian bullion market during the festive season. The prices of both precious metals, gold and silver, increased. Due to which gold crossed its all-time record high level of Rs 80000. Silver is Rs 500 away from the level of Rs 1 lakh per kg.
Gold and silver prices increased in Indian bullion market
On Monday, the price of gold per ten grams increased by Rs 750 to reach its record high of Rs 80,650 in Delhi’s bullion market. Whereas during the last trading session on Friday, gold of 99.9 percent purity had closed at Rs 79,900. The price of silver jumped by Rs 5,000 per kg to Rs 99,500. According to All India Bullion Association, there was a rise in the price of silver for the fourth consecutive day. In the last trading session last week, silver closed at Rs 94,500. Meanwhile, gold of 99.5 percent purity increased by Rs 750 to Rs 80,250 per 10 grams. Whereas its previous closing price was Rs 79,500.
Also read: HDFC MF’s scheme has been tried for 30 years, made Rs 2.12 crore from SIP of 2000, lump sum investment became 76 times
Jatin Trivedi Vice President (Commodity Research Analyst), LKP Securities, said that a rise in silver prices was seen today. Its price in the Indian market has exceeded Rs 100,000 per kg. As gold is becoming expensive. People are turning to silver. Jatin Trivedi believes that these days people are considering silver as a cheaper option than gold. Especially when 10 grams of gold is touching the level of Rs 78,000. The reason for the rise in silver prices is not only due to increased demand but this metal is used in making electric vehicle segment and photovoltaic applications, due to which global demand is expected to remain intact in the mid to long term.
Silver prices on MCX have increased to Rs 98,000. In the international market, the price of one ounce spot silver on Comex has reached $34 with a strong trend. For some time during the trading session during the day, the price of silver in MCX had touched the level of Rs 100,000. Whereas its support is between 96,000 to 96,500. Jatin Trivedi says that the ongoing rise in silver prices is mainly due to the increased demand in making EV and photovoltaic applications and gold becoming increasingly expensive. Investors will have to wait for a mild trend to invest in silver.