Gold Prices Hit ₹80,000 Again, Silver Strengthens for the Third Day in a Row
Gold Rate Update: On Wednesday, the gold prices in Delhi’s jewelry market surged past the ₹80,000 mark, thanks to increased buying from jewelers and stockists amid a strong global trend. According to the All India Bullion Association (AIBA), gold with 99.9% purity jumped by ₹620, reaching a three-week high of ₹80,400 per 10 grams. Just the day before, it had closed at ₹79,780 per 10 grams. Silver Prices Rise: Silver also saw a significant increase for the third consecutive day, climbing by ₹1,450 to hit a one-month high of ₹96,300 per kilogram. On Tuesday, silver had closed at ₹94,850 per kilogram. The price of gold with 99.5% purity also rose by ₹620, reaching ₹80,000 per 10 grams, up from ₹79,380 in the previous trading session. Gold Prices on COMEX: Jatin Trivedi, Vice President of Commodity and Metal Research at LKP Securities, noted that gold prices on COMEX have once again reached the $2,700 level, showing a slight increase. This comes after a strong recovery from the $2,600 support level just a week ago. He anticipates that gold on MCX will trade between ₹77,400 and ₹79,250, with some fluctuations expected before new data is released. In international markets, COMEX gold futures rose by $10.20 to $2,728.60 per ounce. Geopolitical Tensions Impacting Gold Investment: Manav Modi, a commodity analyst at Motilal Oswal Financial Services, mentioned that the rise in gold prices is also linked to increasing geopolitical tensions in Syria. This situation has strengthened the dollar index and raised expectations for interest rate cuts, leading to a boost in gold investments, which is reflected in the rising prices. However, in Asian markets, silver prices were reported to be down by 0.33%.