All old records broken! Gold crosses ₹1,61,000, your head will spin after hearing the price of silver

New Delhi. If you are also planning to buy gold or silver, then there is a very surprising news for you. In the bullion market, the prices of both the precious metals have once again taken a huge leap. On Tuesday, gold prices crossed Rs 1.61 lakh per 10 grams in the bullion market of the national capital Delhi, creating a record of all-time high. Market experts say that due to the weakening of the dollar across the world and softening of crude oil prices, the demand for these precious metals has suddenly increased, which is having a direct impact on their prices.

According to the latest data of All India Bullion Association, as soon as the market opened today, a huge increase of Rs 1,050 was recorded in the price of gold of 99.9 percent purity. After this huge surge, the price of gold has now increased to Rs 1,61,450 per 10 grams (including all taxes). Let us tell you that on the previous trading day i.e. on Monday, gold had closed at Rs 1,60,400 per 10 grams. Not only gold, but the shine of silver has also increased a lot today. Silver prices have also strengthened by Rs 1,300, after which silver has become costlier from the previous closing price of Rs 2,69,700 per kg to Rs 2,71,000 per kg.

Support provided by fall in crude oil and weak dollar

Market experts and economic experts say that at this time precious metals have got a big support from the huge fall in the prices of crude oil. Due to cheap crude oil, the fear of inflationary shock caused by the ongoing tension in West Asia (Middle East) has now reduced among the people. Apart from this, the decline in US bond yields and the continuously weakening dollar have further increased the appeal of the bullion market among investors.

Jatin Trivedi, Vice President (Research Analyst) of Commodity and Currency Department of LKP Securities has given his opinion on this entire matter. He said that gold prices in the Indian domestic market have also received a lot of support from the weakness of the rupee. The weakening rupee against the dollar helped in reducing the pressure on India due to the uncertainty of the global market to some extent, due to which this huge increase has been seen in the domestic bullion market.

Gold and silver were seen in global market also

There is a tremendous upward trend in the prices of gold and silver in the Indian market as well as in the international markets (global market). In the global market, spot gold rose by one percent to reach $ 4,528.75 an ounce, while silver jumped by two percent to trade at $ 76.29 an ounce. Kotak Neo’s AVP (Commodity Research) Kainaat Chainwala has talked in detail on the current market conditions.

According to Kainat Chainwala, on Tuesday, spot gold and silver rose by more than one percent each to around $ 4,520 an ounce and around $ 77 an ounce respectively. The biggest reason for this was that due to the weakness in crude oil prices, the concerns about future inflation and interest rates have now reduced a bit.

Now investors’ eyes are fixed on these big reasons

At present, the entire attention of big investors around the world is focused on the developments related to the ongoing diplomatic talks between America and Iran. The global market is currently swinging between the hope of diplomatic progress and the fear that the talks between the two countries may suddenly break down.

Kainaat Chainwala further said that now the attention of investors is gradually shifting towards America’s big economic data (macroeconomic data). In the coming days, the number of job vacancies in America (job openings), statements of top officials of the Federal Reserve and the most important non-farm payroll report to be released on Friday are going to come, which will play a big role in deciding the movement of gold and silver in the future.