Gold-Silver Price Today: Gold becomes costlier from Delhi to Mumbai, see today's latest price

New Delhi: Gold prices rose by Rs 220 to Rs 80,800 per 10 grams in the national capital on Wednesday amid a rise in the prices of precious metals in the global markets. All India Bullion Association has given this information. In the last trading session, gold had closed at Rs 80,580 per 10 grams. However, silver remained steady at Rs 91,700 per kg. The price of gold of 99.5 percent purity rose by Rs 220 to Rs 80,400 per 10 grams, which had closed at Rs 80,180 per 10 grams in the previous trading session.

Market sources said the rise in gold prices was due to fresh demand from local jewelers and a firm trend in overseas markets. Globally, Comex gold futures rose $26.40 to $2,708.70 an ounce.

Main reason for increase in gold prices

Saumil Gandhi, senior analyst at HDFC Securities, said gold prices rose on Wednesday due to the fall in the US dollar following weak US producer price index data. He said the focus of market participants is now on the Consumer Price Index (CPI) report to be released on Wednesday. Saumil Gandhi further said that if the CPI comes in lower than expected, the chances of the Federal Reserve reducing interest rates this year may increase, and this will further benefit the precious metals. In the Asian market, the future price of silver was quoted at $ 30.75 an ounce with an increase of 1.30 percent.

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Gold rises in European trading session

In overseas markets, Comex gold futures rose $14.10 an ounce, or 0.53 percent, at $2,673.70 an ounce. Saumil Gandhi, senior analyst (commodities) at HDFC Securities, said gold rose in the European trading session on Monday as sentiment was boosted by hopes of a major announcement from China, which will improve the outlook for overall demand.

China's Politburo said it will implement more active fiscal policy and moderately accommodative monetary policy next year and boost consumption on all fronts and expand domestic demand. In the Asian market, silver also rose by 1.89 percent to $ 32.19 an ounce.