Gold and Silver: A rise in gold and silver prices was seen on Tuesday amid weak dollar and softening crude oil prices. According to All India Bullion Association, the price of gold of 99.9 percent purity increased by Rs 1050 to Rs 1,61,450 per 10 grams in Delhi’s bullion market today. On Monday, it closed at Rs 1,60,400 per 10 grams. Apart from gold, today silver prices also strengthened by Rs 1300 and reached Rs 2,71,000 per kg. On Monday, the price of silver closed at Rs 2,69,700 per kg.
The fall in crude oil prices provided support to gold and silver.
Bullion experts said the precious metal was supported by a fall in crude oil prices, which eased fears of an inflationary shock due to tensions in West Asia. Low US Treasury yields and weak US dollar boosted gold and silver prices. Domestic gold prices also got support from rupee weakness.
Gold and silver became expensive in international markets also
Jatin Trivedi, Research Analyst, LKP Securities, said the weaker rupee helped in alleviating some of the pressure from global market uncertainty and supported gains in the domestic bullion market. In international markets, spot gold rose 1 per cent to US $ 4,528.75 an ounce today. Whereas, silver rose 2 percent to US $ 76.29 an ounce.
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