Gold and Silver Price Today:Monday was a bullish day for the Indian bullion market. There was a jump in the prices of both gold and silver. On Monday, the price of gold rose by Rs 100 per 10 grams, while the price of silver also increased by Rs 870 per kg. According to HDFC Securities, the price of ten grams of spot gold (24 carat) in Delhi reached Rs 73,410, which is Rs 100 more than the previous closing price. International rates are being considered responsible for this rise in the prices of precious metals. Experts believe that the price of gold is likely to remain bullish due to the softness in US labor data and economic indicators and the possible cut in interest rates by the Federal Reserve.
Gold and silver prices increased in Delhi
Amid strong trend in the international market, the price of gold in Delhi’s bullion market on Monday jumped by Rs 100 to Rs 73,410 per 10 grams. In the last trading session, gold closed at Rs 73,310 per 10 grams. At the same time, the price of silver in the national capital Delhi also increased by Rs 870 to Rs 94,270 per kg. Whereas in the last session it closed at Rs 93,400.
Also read: NFO: Tata launches the country’s first tourism index fund, a new way to invest in this sector full of possibilities
There was also a boom in the international market
Talking about international markets, the price of one ounce spot gold in Comex was trading at US $ 2,373, which is $ 10 more than the previous closing price. At the same time, the price of silver was also trading at $ 30.93 per ounce with an increase. In the last session, it closed at $ 30.55 per ounce.
Dilip Parmar, research analyst at HDFC Securities, said that due to the rise in prices last week, a risk-averse sentiment was seen among investors. They are also doing profit booking. In such a situation, the impact on the price of gold has been seen in the Multi Commodity Exchange (MCX).
Also read: Credit card: Credit card bill payment will be easy, this is how you can use reward points
What do experts say
Gold and silver prices rose due to fluctuations in the value of the dollar amid mixed job data, increased rate cut expectations and geo-political updates. Manav Modi of Motilal Oswal Financial Services believes that in a week with fewer trading sessions, the prices of precious metals, especially silver, saw a significant increase. He said that investors may keep an eye on the US Consumer Price Index (US CPI) data, Producer Price Index (US PPI) and statements and question-answer sessions such as monetary policy actions by Federal Reserve Chairman Jerome Powell this week. In fact, this is expected to affect the price of gold. Prathamesh Mallya of Angel One believes that in Europe, in the second round of voting for the French National Assembly elections, the leftist coalition “New Popular Front” led the vote, but failed to get an absolute majority in the number of seats in the National Assembly. Investors will also keep an eye on the movements in the political corridors of France. He believes that gold prices are likely to remain high due to softness in US labor data and economic indicators and possible interest rate cut by the Federal Reserve.