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With the festive season approaching, the price of gold and silver has started to rise again. For the second consecutive day, the price of gold in the national capital rose by Rs 500 to Rs 74,600 per 10 grams on Wednesday. Gold prices got a boost due to increased buying by local jewelers and strong signals from global markets. On Tuesday, gold of 99.9 percent purity closed at Rs 74,100 per 10 grams. With this, the price of gold has increased by more than Rs 1,000 in the last two days. According to the All India Sarafa Association, the price of silver also rose by Rs 500 to Rs 85,000 per kg on Wednesday. Silver closed at Rs 84,500 per kg in the last session. Meanwhile, gold of 99.5 percent purity also rose by Rs 500 from Rs 73,750 per 10 grams to Rs 74,250 per 10 grams.
This is why the price increased.
Traders said increased buying by local jewelers and retailers strengthened the market sentiment, pushing up gold prices. In international markets, Comex gold was trading 0.31 percent higher at $2,550.90 an ounce. Saumil Gandhi, senior commodity analyst at HDFC Securities, said, “Gold prices rose on Wednesday due to a fall in the US dollar.” Besides, selling in the stock market and risk-averse sentiment fueled flows towards safe assets like gold, which also supported gold prices, he said. Silver prices also rose to $29.11 an ounce in overseas markets.
Gold futures at Rs 72,190 per 10 grams
On Wednesday, the price of gold in futures trade rose by Rs 277 to Rs 72,190 per 10 grams as speculators made fresh deals due to strong spot demand. On the Multi Commodity Exchange, the gold contract for October delivery rose by Rs 277 or 0.39 percent to Rs 72,190 per 10 grams. 14,930 lots were traded in this. Silver prices jumped by Rs 1,251 to Rs 84,932 per kg in the futures market. Silver prices rose as participants increased their deals amid strong demand in the spot market.
