Mumbai: The prices of gold and silver have been steadily increasing across global markets following a recent cut in interest rates by the US Federal Reserve. In India, the effects of this international bullion rise are evident, with significant hikes reported in the Delhi Gold and Silver market and across the country.
On Monday, gold prices surged to ₹38,460 per 10 grams, marking a rise of ₹400 from the previous day. The upward momentum continued on Thursday, with 24-carat gold reaching ₹78,250 per 10 grams, reflecting another ₹400 increase. Silver too saw gains, climbing by ₹1,000 to reach ₹94,000 per kg.
The All India Sarafa Association reported that gold prices have hit record highs for two consecutive days. On Wednesday, gold closed at ₹77,850 per 10 grams, while silver prices settled at ₹93,000 per kg. The rising prices are attributed to several factors, including increased industrial demand, the upcoming festive season, and the strong international market trend.
Demand for gold and silver is expected to continue rising as the festive season approaches, with a growing need for gold and silver coins. Coin minting plants are witnessing a sustained surge in orders, further pushing up demand. Additionally, the 22-carat gold, commonly used in jewellery, reached a new high of ₹77,900 per 10 grams, up from the previous trading price of ₹77,500.
The Multi Commodity Exchange (MCX) also reflected this trend, with gold futures rising by ₹162. Meanwhile, silver futures for December delivery jumped by ₹1,034, bringing the price to ₹93,079 per kg. On the international front, Comex gold saw a 0.61% increase, rising to USD 2,701.20 per ounce. Silver followed suit, climbing 2.63% to USD 32.86 an ounce in Asian trade.
HDFC Securities Senior Analyst-Commodities, Saumil Gandhi, attributed the rise in gold prices to the easing monetary policies by major Western central banks. Growing concerns over the escalating conflict in the Middle East have also contributed to the increased demand for gold as a safe-haven asset.
As global uncertainties persist, the prices of both gold and silver are expected to remain on an upward trajectory in the coming days.
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