Delhi Delhi. According to the All India Bullion Association, gold prices in the national capital on Tuesday rose by Rs 350 to a new all-time high of Rs 81,000 per 10 grams, while silver rose by Rs 1,500 to Rs 1 lakh on Tuesday amid pick up in demand. Continuing its rise for the fifth consecutive day, silver jumped by Rs 1,500 to reach a new high of Rs 1.01 lakh per kg, while its price had closed at Rs 99,500 per kg on Monday. “The current rally in silver prices is driven by industrial demand, such as expansion of photovoltaic applications, followed by jewelery and silverware sectors,” said Arun Mishra, CEO and Whole-time Director, Hindustan Zinc Ltd. According to Jatin Trivedi, Vice President Research Analyst – Commodity & Currency, LKP Securities, silver prices continued to rise above Rs 1 lakh in the Indian markets, with the sharp rise indicating that Diwali is on the way. Prices may reach up to Rs 1.1 lakh before .
Besides, gold of 99.5 per cent purity jumped by Rs 350 to hit a new high of Rs 80,600 per 10 grams. Meanwhile, the metal of 99.5 per cent purity had closed at Rs 80,250 per 10 grams on Monday, while gold of 99.9 per cent purity had closed at Rs 80,250 per 10 grams on Monday. It had closed at Rs 80,650 per 10 grams. Bullion traders attributed the rise in prices of the precious metal to rising consumption in the industrial and wearable sectors in the domestic market.
Besides, growth concerns especially in China, rising geopolitical tensions in West Asia and status quo on interest rates by most global central banks kept prices up, traders said. Gold contracts for December delivery rose by Rs 208, or 0.27 per cent, to Rs 78,247 per 10 grams in futures trade on the Multi Commodity Exchange (MCX). Gold prices have gained momentum on MCX and the bullish momentum is taking the prices higher. Trivedi said that with the risk barometer remaining high, this continued demand for bullion is likely to drive gold prices higher in the near future. He said market participants will keep a close eye on any developments in interest rates, global conflicts and macroeconomic data, as these factors will play a key role in shaping gold's movement.
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