Since the US Federal Reserve cut interest rates, gold and silver prices have been continuously rising across the world. A new record high was hit in the Delhi bullion market on Thursday with the price of gold crossing Rs 78,000 per 10 grams. During trading, a rise of Rs 400 was recorded in the price of gold compared to the previous day.
The effect of strengthening bullion prices in the international market is also visible in India. On Thursday, the price of 24-carat gold rose by Rs 400 to Rs 78,250 per 10 grams. Silver also rose by Rs 1,000 to Rs 94,000 per kg.
According to the All India Bullion Association, a record rise in the price of gold was recorded for the second consecutive day. While a day earlier, on Wednesday, the price of gold had closed at Rs 77,850 per 10 grams. While the price of silver had touched Rs 93,000.
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Why are gold and silver prices rising?
One of the main reasons for the increase in demand for gold and silver is the rise in industrial demand. The demand for gold and silver coins is expected to increase in the coming days during the festive season. Therefore, the demand for coin minting plants remains steady. On the other hand, the strong trend of the international market is also strengthening gold and silver.
The price of 22-carat gold used in jewellery also touched a new record high of Rs 77,900 per 10 grams. During the last trading, gold closed at Rs 77,500 per 10 grams.
Gold prices also rose on the futures market.
Gold prices rose by Rs 162 in the futures market at the Multi Commodity Exchange. Gold price for October delivery was Rs 75,475 per 10 grams. Similarly, silver price for December delivery rose by Rs 1,034 to Rs 93,079 per kg. On the other hand, in the international markets, Comex gold rose by 0.61 per cent to $2,701.20 per ounce. During Asian trading hours, silver also rose by 2.63 per cent to $32.86 per ounce.
Saumil Gandhi, senior commodity analyst at HDFC Securities, says loose monetary policy by top Western central bankers and growing concerns over the escalating war in West Asia have contributed to higher gold prices.
