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The enthusiasm for gold is continuously high. On Friday, gold rose by Rs 550 to a record level of Rs 79,900 per 10 grams in the bullion market of the national capital. In the previous trading session, gold of 99.9 percent purity closed at Rs 79,350 per 10 grams. With a rise for the third consecutive day, gold of 99.5 percent purity jumped by Rs 550 to a new high of Rs 79,500 per 10 grams. In the previous session, it closed at Rs 78,950 per 10 grams. Meanwhile, silver jumped by Rs 1,000 to Rs 94,500 per kg. On Thursday, silver remained stable at Rs 93,500 per kg. The Indian Bullion Association has given this information.
gold futures trading
According to the news, both metals witnessed a bullish trend due to strong demand during festivals. In futures trading, the price of gold for December delivery on the Multi Commodity Exchange (MCX) stood at Rs 77,620 per 10 grams. During trading, gold futures had reached an all-time high of Rs 77,667 per 10 grams. Market experts said that with the increase in customer purchases during festivals, the demand for precious metals in the domestic market has reached a record level.
Investors looking at gold as a safe investment option
Investors are looking at gold as a safe investment option amid ongoing tensions in West Asia and uncertainty due to the upcoming US presidential election. Silver prices for December delivery rose by Rs 1,231 or 1.34 per cent to Rs 92,975 per kg on MCX. Manav Modi, Senior Analyst (Commodity Research), Motilal Oswal Financial Services Ltd, said gold prices hit record levels in the commodity market and on the domestic front due to safe investment demand just weeks ahead of the US presidential election.
Also, the reduction in interest rates by the European Central Bank also helped in this. Globally, gold futures in the commodity market rose 0.76 percent to reach $ 2,728.10 per ounce. Silver futures in the Asian market rose 1.70 percent to $ 32.32 per ounce.
