Gold-Silver Price Today: Gold price increasing at rocket speed, silver also crosses 9300, see latest price

New Delhi: In the bullion market of the national capital on Friday, the price of gold increased by Rs 250 to Rs 80,550 per 10 grams. After rupee hit record low, gold prices rose on sustained buying by retailers and stockists. All India Bullion Association has given this information. In the last session, gold price had closed at Rs 80,300 per 10 grams. However, silver remained stable at Rs 93,000 per kg on Friday.
The price of gold of 99.5 percent purity continued to rise for the fourth consecutive trading session and rose by Rs 250 to Rs 80,150 per 10 grams. It had closed at Rs 79,900 per 10 grams on Thursday.

Traders said that the rise in gold prices in the local market is also due to strong foreign demand. Meanwhile, the rupee fell by 14 paise against the US dollar on Friday and touched the level of 86 per dollar for the first time. Strong US currency and heavy withdrawals by foreign institutional investors weighed on the rupee.

Gold price becomes expensive by Rs 1,550 on weekly basis

On a weekly basis, gold prices rose by Rs 1,550, or two per cent, to Rs 80,550 per 10 grams, while silver rose by 2.5 per cent to Rs 93,000 per kg. Globally, gold futures rose by $ 16.10 an ounce to reach $ 2,706.90 an ounce.

Gold rises due to US currency policy

HDFC Securities Senior Analyst Saumil Gandhi said gold continued to rise on Friday due to demand for safe-haven assets amid uncertainty over future US monetary policy under President-elect Donald Trump. According to Renisha Chainani, head of research at Augmont, gold continued to rise due to safe-haven demand amid concerns about Donald Trump's proposed policies.

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Chainani said members of the Federal Open Market Committee (FOMC) indicated that further interest rate easing would be appropriate if economic data comes in as expected. He said market participants will await the upcoming US non-farm employment and UOM consumer sentiment data for additional economic signals. In Asian trading, silver futures in the commodity market rose 0.6 percent to $ 31.20 an ounce.