Gold, Silver Price Today: During the festive season and due to geopolitical tension, there is a rise in the prices of gold and silver. On Friday, the price of gold per 10 grams increased by Rs 150 and the price of silver also increased by Rs 1,035 per kg. In Delhi’s bullion market, the price of gold increased by Rs 150 to its record high of Rs 78,450 per 10 grams and the price of silver increased by Rs 1,035 to Rs 94,200 per kg. Experts monitoring the bullion market said that the reason for the increase in the prices of the precious metal was the increased purchases by jewelers and people due to the ongoing ‘Navratri’ festival.
How was the situation in the international market?
Talking about the international market, the price of one ounce spot gold on Comex remained stable at US $ 2,678.90 compared to the previous trading session. Whereas the price of silver was trending lower at $32.37 per ounce as compared to the previous trading session.
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Manish Sharma, AVP (Commodities and Currency), Anand Rathi Shares and Stock Brokers, said that the festive season has started in India. Due to which the demand for silver has increased, due to which there is a continuous rise in its prices. Manish Sharma believes that future trade of silver on Comex shows that the prices may remain stable in the beginning of next week and a jump in its prices may be seen during the subsequent trading sessions.
Manavam Modi, Senior Analyst, Motiwal Oswal Financial Services, said that there is a continuous rise in the prices of gold. In fact, due to the increasing tension in the Middle East, the demand for safe investment options has increased.
Investors are waiting for the US job market report to be released on Friday. Actually the report will reveal the situation of the labor market. In such a situation, this report is going to be very important from the market point of view. Due to this, the US Federal Reserve is likely to give signals regarding interest rate decisions in the coming days.
Meanwhile, the price of gold of 99.5 percent purity increased by Rs 200 to reach its record high of Rs 78,100 per 10 grams.
Future Trade – On the Multi Commodity Exchange (MCX), gold contract prices for December delivery were seen up by Rs 131 or 0.17 per cent and were trading at Rs 76,375 per 10 grams, close to its record high. At the same time, the price of silver has increased by Rs 219 or 0.24 percent to Rs 93,197 per kg on MCX.
