The price of 22 carat gold has increased from Rs 1,28,625 per 10 grams to Rs 1,33,924 per 10 grams. The price of 18 carat gold increased from Rs 1,05,315 per 10 grams to Rs 1,09,654 per 10 grams.
Along with gold, silver prices are also rising. The price of silver has increased by Rs 10,269 to Rs 2,34,814 per kg, which was earlier Rs 2,24,545 per kg.
A rise in the prices of gold and silver was also seen in the international markets. Till the time of writing on Comex, the price of gold was up 3.47 percent at $ 4,591 an ounce and the price of silver was up 4.86 percent at $ 72.98 an ounce.
Jatin Trivedi of LKP Securities said that the rise in gold prices was seen due to the return of America and Iran to the negotiating table. However, risks remain due to the lack of clarity over the reopening of the Strait of Hormuz, and the possibility of a fall in crude oil prices remains.
He further said that the current surge looks like a relief rally and short covering, and not a new bullish signal. As long as geopolitical uncertainty and inflation concerns persist, gold is likely to remain volatile. In the near future, the price of gold is expected to be between Rs 1,35,000 to Rs 1,55,000 per 10 grams.
Iran stopped the ship going to Pakistan from crossing Hormuz
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