On Wednesday, October 29, the Delhi bullion market saw a sharp jump in gold prices. After falling for two trading sessions, gold prices rose by ₹2,600 to ₹1,24,400 per 10 grams.
Gold of 99.5 per cent purity rose by ₹2,600 to ₹1,23,800 per 10 grams, according to the All India Sarafa Association. The closing price on Tuesday was ₹ 1,21,200 per 10 grams. Meanwhile, gold of 99.9 per cent purity, which closed at ₹ 1,21,800 on Tuesday, touched ₹ 1,24,400 per 10 grams on Wednesday.
Saumil Gandhi, Senior Commodity Analyst at HDFC Securities said, "Gold prices saw a sharp recovery on Wednesday, October 29. The precious metal recovered above $4,000 per ounce, signaling fresh buying by investors ahead of the US Federal Open Market Committee (FOMC) policy meeting."
Along with gold, the price of silver also increased. Silver rose by ₹6,700 to ₹1,51,700 per kg. Silver closed at ₹1,45,000 per kg yesterday. Gandhi said the surge was mainly due to bargain buying in the Middle East and rising geospatial conditions, which have increased demand for safe investments.
Precious metals rose in foreign markets as well. Spot gold rose 1.95%, or $77.26, to $4,029.53 an ounce. On Tuesday, it closed at a low of $3,886 an ounce after a three-day decline. Praveen Singh, Head of Commodities and Currencies at Mir Asset Sharekhan said, "Gold is currently trading at around $4,020 an ounce.
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