Gold and Silver Price Today: Monday was a bullish day for the Indian bullion market. Gold and silver prices rose. The price of 10 grams of gold rose by Rs 200 and the price of silver jumped by Rs 1,000 per kg. International factors are being considered responsible for this rise in the prices of precious metals. Experts have attributed the rise in demand and strong trend in foreign markets to the rise in gold prices.
Gold and silver prices increased in Delhi
On Monday, the price of gold in Delhi’s bullion market rose by Rs 200 to Rs 72,350 per 10 grams amid strong trend in the international market. The price of silver also rose by Rs 1,000 per kg to Rs 83,500 per kg.
In the last trading session, the price of 99.9 percent pure gold closed soft at Rs 71,800, which rose by Rs 200 to Rs 72,000 today. HDFC Securities Senior Commodity Analyst Saumil Gandhi said that due to increasing geo-political tensions around the Middle East, the demand for safe investment options has increased. We all know that gold is a means of safe investment option. Due to increasing geopolitical tensions, the demand for gold has increased among investors, as a result its prices have also increased. Apart from this, the recently released weak economic data is expected to provide further support to gold. The US Federal Reserve’s indication of a huge cut in interest rates this year has also increased the demand for gold. Jatin Trivedi of LKP Securities also believes that the rising tensions in the Middle East, especially the concerns of Iran’s possible attack on Israel, are largely responsible for the rise in gold prices.
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How was the trend of precious metal in the international market
Talking about the international market, the price of one ounce spot gold in Comex was trading at $ 2,481.80 with a gain of $ 8.40. At the same time, the price of silver also increased to $ 28.01 an ounce. Manav Modi, Senior Commodity Analyst at Motilal Oswal Financial Services, believes that the price of gold remained stable after strengthening in the previous trading session, supported by the fall in US Treasury yields, as investors have raised hopes that the Federal Reserve may cut interest rates in September this year. Manav Modi said that investors are eyeing the US Consumer Price Index data coming next week. These figures are likely to indicate a cut in interest rates by the US Federal Reserve.
