Domestic gold and silver are reaching new highs daily, lagging behind global markets. On the other hand, with the festive season at home, demand and inquiries for jewelery are limited due to skyrocketing gold prices.
Although the rise in gold prices slowed down on Tuesday, a rise was seen in the prices of silver. Bullion analysts say investors are turning to bullion as a safe haven as geopolitical tensions continue and the Fed’s interest rate policy is still unclear.
24 carat gold per 10 grams in Ahmedabad is Rs. Rs 100 was increased. Reached a new high of 80,800. Similarly, the price of 22 carat gold is Rs 20. 80,600 per 10 grams. Silver price Rs. 3,000 to Rs. 1,00,000 reached its peak. In global markets, gold rose $11 to $2,739 an ounce and silver rose 50 cents to $34.48 an ounce.
In futures, the December gold contract on MCX was priced at Rs. Rs 310 increased to Rs 78,039 per 10 grams. MCX Silver December Futures Rs. Rs 1,523 to Rs. ₹97,448 per kg. Late Tuesday night in the global futures market, Comex gold was trading at $ 2,747.80 an ounce with a gain of $ 8.90. On Comex, silver was trading 51.20 cents up at $34.59 an ounce.
Bullion analysts said the rise in bullion prices has slowed down due to weak consumer sentiment due to record high prices. But, geopolitical tensions in the Middle East and the possibility of the Federal Reserve cutting interest rates still remain, keeping the overall sentiment strong. A bullish improvement cannot be ruled out. Gold dealers who were charging a premium of $3 last week are now offering a discount of 8% after local prices hit new highs.
On the other hand, demand for silver from the electric vehicle and solar energy sectors is gradually increasing. Along with this, the price of silver also increased due to the Russian Central Bank saying it would buy silver. According to commodity experts, the rise in silver is likely to continue.
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