Gold Rate Today: Gold became expensive for the fourth consecutive day, silver prices rose by Rs 4000
Stockists Due to heavy purchases of gold and silver on Wednesday, there has been a tremendous rise in the prices of gold and silver. Bullion traders said that the current rapid trend in the silver market is primarily inspired by industrial demand. In Delhi’s bullion market, gold with 99.9 percent purity increased by Rs 1000 to Rs 1,01,020 per 10 grams. On Tuesday too, its price was increased by Rs 1000, after which it closed at Rs 1,00,020 per 10 grams. Let us tell you that gold prices have been recorded on the fourth consecutive day today. Apart from this, gold with 99.5 percent purity has also increased by Rs 900 to Rs 1,00,450 per 10 grams. On Tuesday, it rose by Rs 1000 to close at Rs 99,550 per 10 grams.
Silver became expensive by Rs 7500 in 3 days
With gold, there was a huge increase in silver prices today. On Wednesday, the silver price rose by Rs 4000 to a record level of Rs 1,18,000 per kg. Let us tell you that the price of silver rose by Rs 3000 on Tuesday, after which it was at Rs 1,14,000 per kg. This week, silver prices have seen an increase of Rs 7500 in 3 days.
Why gold and silver prices are rising so fast
Soumil Gandhi, Senior Analyst (Commodity) of HDFC Securities, said, “Gold demands with increasing global uncertainty, mainly due to the declining expectations of the US-European Union Trade Agreement before the August 1 deadline. This uncertainty has raised the market concerns, making investors turning to safe investment.” Gandhi said that the overall weakness in US dollars is also supporting gold and silver prices.
Silver also became expensive on MCX
Meanwhile, silver futures for September delivery on the Multi Commodity Exchange (MCX) rose by Rs 896 or 0.77 percent to a new record level of Rs 1,16,551 per kg. Apart from this, silver futures fell by Rs 24 to Rs 1,16,551 per kg for August delivery. Gold closed at $ 100,305 per 10 grams on the commodity exchange. Globally, the spot gold fell 0.26 percent to $ 3,422.87 an ounce. Silver spot in foreign markets rose 0.26 percent to $ 39.39 an ounce.
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