Suspense Crime Sach Ka Dam
In the festival season, the price of gold broke all records on Wednesday. The price of gold in the national capital rose by Rs 250 to Rs 78,900 per 10 grams. With this, it has reached its highest price ever. In the last session on Tuesday, this precious metal closed at Rs 78,650 per 10 grams. According to PTI news, silver also rose by Rs 1,000 to Rs 93,500 per kg. On Tuesday, it closed at Rs 92,500 per kg.
Gold of 99.5 percent purity
According to the news, gold got great support due to continuous buying by jewelers. Silver also jumped due to fresh buying by industrial units and coin makers. According to the All India Sarafa Association, meanwhile, gold of 99.5 percent purity jumped by Rs 250 to a new record level of Rs 78,500 per 10 grams, while the previous close price was Rs 78,250 per 10 grams. Traders attributed the rise in gold prices to strong demand from local jewelers.
Investors moving towards safe investment assets
A fall in equity markets also fuelled a rally in the yellow metal as investors flocked to safe-haven assets like gold. Gold contracts for December delivery rose by Rs 268, or 0.35 per cent, to Rs 76,628 per 10 gram in futures trading on the Multi Commodity Exchange (MCX). Silver contracts for December delivery on the exchange rose by Rs 580, or 0.63 per cent, to Rs 92,203 per kg.
gold in mcx
Gold prices ended higher with gains on MCX, while Comex gold was trading above USD 2,675. Jatin Trivedi, Vice President, Commodity & Currency at LKP Securities, said traders are bracing themselves on the expectation that the Federal Reserve will stay on its path of cutting interest rates. This has kept the bullish sentiment around the yellow metal, which hit a record high in September. Traders anticipate a slow pace of interest rate cuts from the Fed.
Comex Gold Futures Price
In the international markets, Comex gold futures rose 0.51 per cent to $2,692.50 an ounce. Mixed comments from US Federal Reserve officials kept market participants worried. According to commodity experts, lower expected interest rates are a bullish signal for gold prices as they reduce the opportunity cost of holding a non-interest paying asset. Silver rose 0.91 per cent to $32.05 an ounce in the Asian market.
