With the beginning of the week of Diwali, there has been a strong rise in the prices of gold and silver. On Monday, November 2, the prices of precious metals increased in both domestic and foreign markets. A rise of more than Rs 2400 was recorded in the price of silver, while gold also rose to near Rs 1.40 lakh per 10 grams.
Tezzbuzz Desk- Important news has emerged from the bullion market for people preparing to buy gold and silver during the festive season. After the continuous decline for the last several days, the prices of precious metals returned to the rise on Monday. There was a strong rise in the prices of gold and silver from the domestic market to the international market. Amidst this surge in the market, the price of gold reached around Rs 1.40 lakh per 10 grams and the price of silver reached around Rs 1.82 lakh per kg.
Earlier, there was continuous weakness in the prices of gold and silver. According to available data, gold had fallen by about 28 percent from its record high level. At the same time, silver had fallen by more than 40 percent from its all-time high. However, with the return of momentum in the market on the first day of the trading week, the eyes of investors and buyers have once again turned to precious metals.
Rise in gold and silver prices on MCX
Gold and silver prices rose on Multi Commodity Exchange (MCX) on Monday morning. The price of gold for December delivery increased by Rs 500 to Rs 1,39,200 per 10 grams. At the same time, the price of silver increased by about Rs 2400, after which its price was recorded at Rs 1,81,456 per kg.
Price of 18 to 24 carat gold in bullion market
There was also a rise in the prices of gold of different carats in the bullion market. As per the available price, 24 carat gold was trading at around Rs 1,39,400 per 10 grams. At the same time, the price of 22 carat gold used in making jewelery was around Rs 1,27,800 per 10 grams. Apart from this, the price of 18 carat gold was recorded at around Rs 1,04,550 per 10 grams. The spot price of silver remained around Rs 1,82,250 per kg.
Gold and silver prices also increased in the international market
The prices of precious metals also showed strength in foreign markets on Monday. The price of gold on Comex increased by 0.24 percent to $ 3,908.30 an ounce. At the same time, an increase of 1.52 percent was recorded in the price of silver and its price became $ 50.025 per ounce. The effect of this boom in the international market was also seen on the domestic market.
Demand for safe investment increased due to global developments
Global conditions are considered important behind the rise in gold and silver prices. According to market experts, there is a possibility of increasing uncertainty among investors before the midterm elections to be held in America on November 3. Apart from this, tensions in the Middle East, inflation data in America and fluctuations in crude oil prices are also affecting the precious metals market.
Heavy selling was also seen in the American stock market last Friday. Amid reports of 27 to 28 percent decline in shares of some companies, investors are expected to shift towards safer investment options. In such an environment, there has been a rise in the prices of gold and silver.
This rise in the prices of gold and silver before Diwali has once again drawn the attention of buyers and investors towards the bullion market. However, while buying jewellery, customers must check the latest prices, making charges and applicable taxes of their city.