Gold, Silver Price Today: Monday was a bullish day for the Indian bullion market. A rise was seen in the prices of both gold and silver. On Monday, the price of gold increased by Rs 570 per ten grams and the price of silver also increased by Rs 1,850 per kg. Traders said that the prices of both gold and silver rose due to increased buying by stockists and jewelers for the ongoing wedding season. International reasons are also being said to be responsible for this.
Gold and silver prices increased in Delhi
The price of gold in Delhi’s bullion market increased by Rs 570 on Monday to reach Rs 78,700 per 10 grams. Whereas in the last trading session on Friday, gold had closed at Rs 78,130. During this period, the price of gold with 99.5 percent purity also increased by Rs 570 to Rs 78,300 per 10 grams, which was Rs 77,730 on Friday. The strong trend in international markets and value buying by stockists and investors are being held responsible for this rise in gold prices.
At the same time, the price of silver has also increased by Rs 1,850 to Rs 90,000 per kg, which had closed at Rs 88,150 on Friday in the last trading session. Due to increased demand among companies and coin makers, there was a rise in silver prices. Traders believe that in view of the ongoing wedding season in the country, value buying is being done by stockists and jewelers. Due to which the prices of both gold and silver are increasing.
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How was the trend in MCX?
On the Multi Commodity Exchange, future gold for delivery in February 2025 was trading at Rs 76,372, down by Rs 48, or 0.06 per cent. At the same time, the price of future silver for delivery in March 2025 rose by Rs 637, or 0.72 percent, to Rs 89,029 per kg.
Gold fell in foreign market
Talking about the international market, the price of one ounce of gold in Comenx was down by $6.70 and was trading at $2,638.40 US dollar. The price of silver was rising by 0.72 percent at $ 30.18 per ounce as compared to the previous trading session. Rahul Kalantri, Commodity Vice President, Mehta Equities, said that gold and silver prices were quite low for some time amid highly volatile trading sessions, but their prices have improved recently. Profit booking was seen in dollar index and bond yields, which supported the rise in prices of precious metals.
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Estimate of support in near future
Praveen Singh of Mirae Asset Sharekhan believes that Gold prices may appear to rise slightly in the near futureHe said that, however, the GDP growth rate in the US in the third quarter and the excellent retail sales figures for November and the aggressive stance of the US Federal Reserve are expected to put a halt to the rally. ETF inflows are also not very encouraging.
How was the trend of bullion market last week?
- Monday – Gold fell by Rs 1,150, silver fell by Rs 300
- Tuesday – Gold rose by Rs 950, silver fell by Rs 1,000
- Wednesday – Gold fell by Rs 200, silver rose by Rs 500.
- Thursday – Gold fell by Rs 800, silver fell by Rs 2,000.
- Friday – Gold fell by Rs 170, silver price decreased by Rs 1,850.
