Gold, Silver Price Today: Monday was a bullish day in the Indian bullion market. There was a rise in the prices of both gold and silver. An increase of Rs 230 per ten grams was recorded in the price of gold, while the price of silver also increased by Rs 700 per kg. International factors are being held responsible for the increase in gold and silver prices. In fact, the American job market report was released last week. The weak US job market report has increased the chances of a cut in interest rate decisions by the US Central Bank Federal Reserve in September. Due to this, the demand for gold increased and its price was affected.
Gold and silver prices rise in Delhi
According to HDFC Securities, the price of gold in Delhi on Monday increased by Rs 230 to close at Rs 72,250 per 10 grams, whereas in the last trading session, gold had closed at Rs 72,020 per 10 grams. HDFC Securities Senior Commodity Analyst Saumil Gandhi said that taking positive cues from foreign markets, spot gold (24 carat) in Delhi was trading at Rs 72,250 per 10 grams, which is Rs 230 more than the previous closing price. At the same time, the price of silver also jumped by Rs 700 to Rs 84,300 per kg. Whereas in the last trading session, silver had closed at Rs 83,600 per kg.
Meanwhile, gold rose by Rs 562 to Rs 71,230 per 10 grams in futures trading on Multi Commodity Exchange (MCX). The most traded June contract hit an all-time high of Rs 71,297 per 10 grams in day trade. Apart from this, silver contract for July delivery was also trading up by Rs 1,508 at Rs 82,551 per kg. Jatin Trivedi, Research Analyst Vice President, LKP Securities, said that in the near future, gold is expected to trade in the range of Rs 70,000 to Rs 72,500.
Price of gold and silver in international market
Talking about the international market, the price of one ounce spot gold in Comex was running at US $ 2,312, which is $ 11 more than the previous closing price. Similarly, the price of silver also increased to $ 27.05 per ounce. Whereas during the last trading session it was at $26.55 per ounce. Experts say gold resumed trading on a positive note as a weaker than expected US job market report on Friday increased the chances of a rate cut by the US Federal Reserve in September. This turned negative for the US dollar and helped gold price climb above the $2,300 level, Saumil Gandhi said.