Gold Price: Gold and silver become expensive again during the wedding season, now what is the price of 18 and 22 carat gold in your city?

Gold, Silver Price Today: Monday was a bullish day for the Indian bullion market. Once again an increase in the prices of gold and silver was seen. Due to the ongoing wedding season in the country, the prices of precious metals increased. According to All India Bullion Association, the price of gold of 99.9 percent purity increased by Rs 400 to Rs 77,450 per 10 grams. In the last trading session it had closed at Rs 77,050. The price of silver also increased by Rs 1,810 to Rs 92,000 per kg, whereas during the previous trading session it had closed at Rs 90,190.

Traders believe that apart from increased demand due to the ongoing wedding season in the country, strong global trends also affected gold prices. Local bullion markets were closed on Friday last week due to Guru Nanak Jayanti.
In future trade on MCX, the price of gold for December delivery increased by Rs 621 or 0.84 percent to Rs 74,567 per 10 grams. During the day, it jumped by Rs 732 or 0.99 per cent to Rs 74,678 per 10 grams.

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Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said that increased geo-political tension during the weekend promoted some safe investment options, due to which the precious metal started trading with a positive bias. He said retail demand in India is likely to improve due to the ongoing wedding season.

Jatin Trivedi, Research Analyst, LKP Securities, said that gold is trading positively due to increasing geo-political tension between Russia and Ukraine. This geo-political tension has attracted investors towards safe investment option (gold).

Gold and silver prices rise in the international market

Talking about the international market, the price of one ounce future gold in Comex was trading at US $ 2,595.30 with an increase of $ 25.20 or 0.98 percent. The price of silver was 1.23 percent higher at $ 30.81 per ounce compared to the previous trading session.

According to Rahul Kalantri, Commodities Vice President of Mehta Equities, last week gold and silver prices had fallen to a two-month low in international markets. This decline was mainly due to the strong position of Bitcoin and the US dollar, which reduced the demand for safe investment option gold.

Motilal Oswal Financial Services Commodity Research Analyst Manav Modi said that investors will keep an eye on the US PMI data coming this week, and will also pay attention to the statements of Federal Reserve officials. The officials’ comments will pave the way for policy interest rates.

What is the price of 18 and 22 carat gold in your city?

Meanwhile, the price of gold with 99.5 percent purity also increased by Rs 400 to Rs 77,050 per 10 grams. During the last trading session, it had closed at Rs 76,650 per 10 grams.