Gold and Silver: The stormy rise in the prices of gold and silver continues. In Delhi’s bullion market, gold and silver prices witnessed a rise for the 7th consecutive session on Wednesday. Due to strong global trend and bullion demand, gold became costlier by Rs 2,600 today. Whereas, the price of silver also increased by Rs 4,000.
Gold price reached Rs 1,59,800 per 10 grams
According to the All India Bullion Association, on Wednesday, the price of gold of 99.9 percent purity rose by Rs 2,600 to Rs 1,59,800 per 10 grams in Delhi’s bullion market. Let us tell you that on Tuesday, the price of gold increased by Rs 1,200 and closed at Rs 1,57,200 per 10 grams. On August 3, gold price was Rs 1,47,400 per 10 grams, and it has gained Rs 12,400 or 8.4 percent in the last 7 sessions.
Silver became costlier by Rs 4,000 again today
Silver also rose by Rs 4,000 to Rs 2,46,000 per kg (including all taxes). On Tuesday, silver prices rose by Rs 2,000 and closed at Rs 2,42,000 per kg.
Why the rise in gold prices
Gaurav Garg, head of research at Lemon Markets Desk, said gold prices rose in the domestic markets as investors increased buying as safe-haven assets ahead of US inflation data, while persistent geopolitical tensions in West Asia supported demand for the precious metal.
Which factors will investors focus on
Saumil Gandhi, Senior Analyst (Commodity), HDFC Securities, said the fall in US bond yields and stability in the dollar also supported the precious metals. However, gains were limited as investors remained cautious ahead of US inflation data, he said. “Markets will be closely assessing the data for signs of continued rising price pressures, especially given elevated gasoline prices, which could put inflation concerns at center stage and encourage the Federal Reserve to maintain a cautious stance,” he said.
Gold and silver became expensive in the international market also
On the other hand, spot gold in international markets rose by $ 44.48 or 1.02 percent to $ 4,412.63 an ounce. Whereas, silver was trading 2.37 percent higher at $ 66.23 an ounce.