Silver prices rose by Rs 4,000 to Rs 1,18,000 per kg in the national capital on Wednesday due to heavy purchases by stockist, while gold rose by Rs 1,000. According to the All India Bullion Association, gold with 99.9 percent purity rose by Rs 1,000 to Rs 1,01,020 per 10 grams (including all taxes). In the last trading session, it closed at a price of Rs 1,00,020 per 10 grams.
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On Wednesday, gold with 99.5 percent purity increased by Rs 900 to Rs 1,00,450 per 10 grams (including all taxes). It closed at Rs 99,550 per 10 grams in the last trading session.
Soumil Gandhi, Senior Analyst (Commoner), HDFC Securities, said, “there is a demand for gold with increasing global uncertainty.” The main reason for this is the decreasing hopes of trade agreement before the August 1 deadline. ‘
Gandhi said that this uncertainty has increased the concern of the market, which is increasing towards safe investment. He said that the overall weakness in US dollars is also supporting the precious metal.
In the national capital, silver rose by Rs 3,000 to close at Rs 1,14,000 per kg on Tuesday. It had increased by Rs 7,500 per kg in the last three sessions. Bullion traders said that the current trend of silver boom is primarily inspired by industrial demand.
Meanwhile, silver futures for September supply on multi -commodity exchange (MCX) rose by Rs 896, or 0.77 per cent to Rs 1,16,551 per kg, reached a new record level of Rs 1,16,551 per kg. However, gold futures fell by Rs 24 to 10 grams per 10 grams for August supply on the Commodity Exchange. Globally, the spot gold fell 0.26 percent to $ 3,422.87 an ounce.
Jatin Trivedi, vice -president and analyst (commodity and currency) of LKP Securities, said that investors will wait for the PMI data of manufacturing and service sector from the US, Britain and Euro sector. This will indicate the direction of bullion prices in the near future. Silver spot in foreign markets rose 0.26 percent to $ 39.39 an ounce. Input language edited by: Sudhir Sharma
