Gold Prices: Gold prices are gaining momentum in top gear. There has been a sharp increase in the prices of gold for the past several days. Once again a strong rise in the price of gold was seen on Tuesday. Today, the price of gold in Delhi’s bullion market increased by Rs 2000 and crossed Rs 1.58 lakh per 10 grams. Gold prices also rose for the second consecutive session due to fresh purchases by retailers and stockists.
Gold price reached Rs 1,58,800 per 10 grams
According to All India Bullion Association, on Tuesday, the price of gold of 99.9 percent purity increased by Rs 2000 to Rs 1,58,800 per 10 grams in Delhi’s bullion market. On Monday, gold prices closed at Rs 1,56,800 per 10 grams with a modest rise of Rs 600. Apart from gold, silver prices also saw a rise today. After remaining stable for two consecutive sessions, today the price of silver rose by Rs 730 to Rs 2,40,730 per kg.
Silver prices fell in the international market
In the international market, spot gold was trading 0.5 percent lower at $ 4,394.57 an ounce and silver fell by more than 1 percent to $ 65.08 an ounce. Praveen Singh, head of commodities at Mirae Asset Sharekhan, said gold was trading around $4,392 an ounce amid a rise in crude oil prices due to supply concerns from West Asia. Oil prices increased after the 60-day ceasefire between America and Iran ended on Monday.
America has the upper hand on Iran
Praveen Singh said that the period of ceasefire between America and Iran can be extended, but neither side is ready to do so. US President Donald Trump said that due to the continuing naval blockade, America has the upper hand on Iran, while Iran has asked its military to remain stable.
Spot silver price falls due to profit booking
Kainaat Chainwala, AVP of Commodity Research at Kotak Securities, said spot silver prices fell to near $65 an ounce due to strengthening in US bond yields and some profit booking. He said that despite the decline, the environment still remains positive for bullion. The reasons for this are expectations of softening of rates by the Federal Reserve, continuous buying by central banks led by China and stable demand for investment.