Gold and silver prices witnessed a rise on Friday after declining in the last two consecutive trading sessions. There was an increase of Rs 950 per ten grams in the price of gold and an increase of Rs 2300 in the price of silver. Akshaya Tritiya festival and international factors were said to be responsible for the rise in gold and silver prices. In fact, due to strong trend in foreign markets and increase in demand on the occasion of Akshaya Tritiya, there was an increase in the prices of precious metals.
There was a rise in the prices of gold and silver in Delhi
HDFC Securities Senior Commodity Analyst Saumil Gandhi said that spot gold (24 carat) in Delhi was trading at Rs 73,200 per 10 grams, which is Rs 950 more than the previous closing price. Whereas in the last trading session it had closed at Rs 72,250. The price of silver also increased by Rs 2,300 to Rs 85,500 per kg. Whereas in the last trading session, silver had closed at Rs 83,200.
Price of precious metals in international market
Talking about foreign markets, the price of one ounce spot gold in Comex was trading at US $ 2,360, which is $ 52 more than the previous closing price. Similarly, the price of silver also increased marginally to $ 28.60 per ounce, which was at $ 27.50 per ounce during the last trading session.
Saumil Gandhi said that the rise in prices was due to people buying gold coins, bars and jewelery on the auspicious occasion of Akshaya Tritiya. Apart from this, gold rose after the latest data of unemployment claims in America indicated a slowdown in the labor market. This increased the confidence that the US Federal Reserve may start cutting interest rates this year.