Gold, Silver Price Today:Tuesday was a bullish day for the Indian bullion market. The prices of both gold and silver increased. On Tuesday, the price of gold increased by Rs 700 per ten grams. The price of silver also jumped for the second consecutive day and it became costlier by Rs 1,300 per kg. This rise in the prices of precious metals is being attributed to fresh purchases by jewelers and retailers and decline in the value of rupee. Apart from this, precious metals are getting support due to international factors.
Gold and silver become expensive in Delhi
In Delhi’s bullion market on Tuesday, the price of gold increased by Rs 700 to Rs 79,700 per 10 grams. Whereas in the last trading session on Monday, it closed weakly at Rs 79,000. During this period, the price of gold with 99.5 percent purity also increased by Rs 700 to Rs 79,300 per 10 grams, which had closed at Rs 78,600 on Monday. For the second consecutive day, the price of silver jumped by Rs 1,300 to Rs 92,000 per kg, which had closed at Rs 90,700 in the last trading session.
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Traders said bullion prices rose due to a strong trend in overseas markets and increased domestic demand. The rupee on Tuesday fell 5 paise to close at 85.73 (provisional) against the US dollar due to higher crude oil prices and availability of foreign funds. Withdrawals continued to put pressure on the rupee.
There was a boom in the international market also
Talking about international markets, the price of one ounce of gold in Comex was trading 0.28 percent higher at $ 2,654.90 an ounce. The price of silver was also 0.73 percent stronger than the previous trading session and was trading at $ 30.81 an ounce.
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HDFC Securities Senior Commodity Analyst Saumil Gandhi said that gold is hovering at the level of $ 2,635 amid mixed signals. Uncertainty about the policies of US President-elect Donald Trump is attracting some investment and precious metals are getting support.
