Gold at record level of Rs 78,000 due to strong global cues, these changes in silver prices
Gold Silver Price: According to the All India Sarafa Association, gold rose by Rs 400 for the second consecutive day to reach a record level of Rs 78,250 per 10 grams. Silver also rose by Rs 1,000 to Rs 94,000 per kg due to strong demand among industrial units and coin makers amid strong foreign trend.
Ahead of wedding season, gold prices in the national capital have jumped by Rs 400 to breach the record level of Rs 78,000 per 10 grams today following relentless buying by jewellers with a strong trend overseas.
The price of gold, according to the All India Sarafa Association jumped Rs 400 for the second day in a row to its all-time high and breached Rs 78,250 per 10 grams. On Wednesday, the bullion had closed at Rs 77,850 per 10 grams.
Silver also rose by Rs 1,000 to quote at Rs 94,000 per kg on strong offtake by industrial units as well as coin makers on the back of strong foreign trend. The metal had closed at Rs 93,000 per kg in the previous session.
Other than that, the price of 99.5 percent pure gold also skyrocketed to a new level of Rs 77,900 per 10 grams. On Wednesday, gold had closed at Rs 77,500 per 10 grams. Traders said that gold prices received the edge from strong local demand and a strong global trend.
In futures trading, gold price for the October contract at MCX gained Rs 162 or 0.22 percent to Rs 75,475 per 10 grams.
While the December delivery price of silver contract was up by Rs 1,034 or 1.12 percent to Rs 93,079 a kg. In international markets, Comex gold rose 0.61 per cent to $2,701.20 an ounce.
Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities said, "Gold has gained momentum in recent days amid easy monetary policy of major Western central bankers and growing concerns due to escalating war in the Middle East." Gandhi said that apart from weakness in the US dollar, it also supported the precious metals.
According to Kaynat Chainwala, AVP, Commodity Research, Kotak Securities, Comex gold remains stable around its record high level while traders await the address of US Federal Reserve Chairman Jerome Powell, which is scheduled to be aired on Thursday at the 10th Annual US Treasury Market Conference.
Silver also rose 2.63 per cent to $32.86 an ounce in Asian trading hours. Jatin Trivedi, Vice President, Commodity & Currency Segment, LKP Securities, said traders will be awaiting the gross domestic product (GDP) data as well as the core personal consumption expenditure (PCE) price index on Friday, which will be the key drivers for market direction.
