Gold at record high: On Friday, the price of gold in the bullion market of the national capital jumped by Rs 2100 to a new highest level of Rs 1,03,670 per 10 grams in the national capital’s bullion market due to the stockist’s buying continuing and falls in the exchange rate of the rupee. On Thursday, the price of gold with 99.9 percent purity was Rs 1,01,570 per 10 grams.
Continuing the rise in the fourth consecutive trading session, the price of 99.5 percent purity rose by Rs 2,100 to Rs 1,03,100 per 10 grams (including all taxes) to a new all -time high level on Friday. A day before it was closed at Rs 1,01,000 per 10 grams.
Earlier, gold with 99.9 and 99.5 percent purity was at its all -time high of Rs 1,03,420 and Rs 1,03,000 per 10 grams respectively. At that time, gold prices increased by Rs 800 per 10 grams. Earlier on August 7, there was a huge increase of Rs 3,600 per 10 grams in the price of gold.
What do experts say: Senior Analyst (Commodities) of HDFC Securities, Soumil Gandhi said that due to weak rupees and positive trend in foreign markets, gold prices were seen in domestic markets and it reached a new record level. He said that the Indian rupee has reached the lowest level till date. This has increased concerns about the impact of 50 percent US fee on the country’s GDP (GDP).
Rupee at the lowest level ever: The rupee closed at the lowest level of 88.19 (temporary) at the lowest level of 88.19 (temporary) per dollar on Friday for the first time with a steep decline of 61 paise. During the week, precious metal prices have increased by Rs 3,300, or 3.29 percent. Meanwhile, the price of silver fell by Rs 1000 to Rs 1,19,000 per kg (including all taxes) (including all taxes). On Thursday, the price of silver was Rs 1,20,000 per kg.
Trivesh D, Chief Operating Officer of Brokerage Company Tradezini, said that the industrial demand for silver makes it even better, but gold is still a good defense against uncertainty. In the last 5 years, both metals have created new records every year, outlining their role in unstable markets. In foreign markets, gold in New York remained stable at $ 3,407.39 an ounce. The spot silver fell 0.52 percent to $ 38.84 an ounce. (Agency/Webdunia)
Edited by: Vrijendra Singh Jhala
