Gold Price: Gold became costlier by Rs 550, the price of silver also increased by Rs 400, this is the reason why there was a boom in the bullion market

Gold and Silver Price Today: Tuesday was a bullish day for the Indian stock market. There was a jump in the prices of both gold and silver. The price of gold rose by Rs 550 per 10 grams, while the price of silver rose by Rs 400 per kg. Traders are blaming the increased demand in the domestic market for the rise in the price of gold.

Gold and silver prices increased in Delhi

Amid strong trend in international markets, the price of gold in Delhi’s bullion market on Tuesday rose by Rs 550 to Rs 75,700 per 10 grams. Whereas in the previous trading session, gold had closed at Rs 75,150. In Delhi, the price of gold with 99.9 percent purity rose to Rs 75,700 per 10 grams and the price of 99.5 percent purity rose to Rs 75,350 per 10 grams. At the same time, the price of silver also rose by Rs 400 to Rs 94,400 per kg. Whereas in the previous session it had closed at Rs 94,000 per kg.

Also read: Cipla Tax Demand: Income Tax Department issues notice of Rs 773 crore to Cipla, company says will file legal appeal

How was the trend in the international market

Talking about the international market, the price of one ounce spot gold in Comex was trading with a strong trend at US $ 2,436, which is $ 28 more than the previous closing price. The price of silver was also trading with a rise at $ 30.77 an ounce. Whereas during the previous session it was at $ 30.68 an ounce. Dilip Parmar, research analyst at HDFC Securities, said that gold prices rose amid ETF demand and speculative buying as global gold prices reached close to record highs.

Also read : Income Tax Return: Will the deadline for filing income tax return be extended? What are the problems in filing ITR

Motilal Oswal Financial Services Limited (MOFSL) Senior Analyst (Commodity Research) Manav Modi said, “Gold and silver prices rose amid expectations of interest rate cuts.” He said, “No major data points were set on Monday, however, the comments of US Federal Reserve chief Jerome Powell remained in the headlines.” Powell said that the second quarter data has given policymakers confidence that inflation is moving towards the central bank’s two percent target. He reiterated that the US central bank is not in a hurry to cut rates, but he also expressed concern about the slowdown in the labor market and the increase in the deficit.