Gold and Silver Price Today:Monday was a mixed day for the Indian bullion market. While the price of gold increased, the price of silver declined. The price of gold in Delhi’s bullion market increased by Rs 600 per 10 grams to Rs 76,950. In the last trading session on Thursday, the price of gold with 99.9 percent purity was Rs 76,350. Apart from this, the price of gold with 99.5 percent purity also increased by Rs 600 to Rs 76,600 per 10 grams. Its previous closing price was Rs 76,000. Sources attributed the rise in gold prices in local markets to the increasing demand from jewelers and retailers.
According to the All India Sarafa Association, the seven-day upward trend in the local market was broken due to weak demand from industrial units and coin makers and the price of silver slipped by Rs 1,000 to Rs 90,000 per kg. In the last session, it had closed at Rs 91,000 per kg.
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Gold also rose in the international market
Talking about the international market, the price of one ounce spot gold in Comex was trading at 2,647.30 US dollars with a gain of 0.04 percent. On the other hand, the price of silver was trading at $ 30.96 per ounce with a decline compared to the previous trading closing price.“Gold prices hit a fresh record high on Monday, driven by a stable dollar and persistent demand for physically-backed exchange-traded funds as more buyers sought to hedge against economic uncertainty and geopolitical risks,” said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities.
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On the other hand, the price of gold contract for October delivery in futures trading on Multi Commodity Exchange (MCX) rose by Rs 184 or 0.25 per cent to Rs 74,224 per 10 grams. Silver contract for December delivery on the exchange fell by Rs 1,035 or 1.15 per cent to Rs 89,100 per kg. Chintan Mehta, CEO of Abans Holdings, said that the price of gold has increased by 27 per cent this year, and it has reached an all-time high. He said that the demand for gold as a safe investment option has increased further due to increasing geopolitical tensions, especially the risk of large-scale war in West Asia, as Israel continues to attack Gaza.
