Gold and silver prices rose again in the Delhi Bullion Market on Friday January 9. Both gold and silver prices strengthened due to global uncertainties and increased demand for safe investments. Silver prices rose by ₹6,500 per kg to ₹2,50,000 per kg, according to the All India Bullion Association. Gold of 99.9% purity also rose by ₹1,200 to close at ₹1,41,700 per 10 grams.
Silver prices saw a sharp decline in the previous trading session. Silver fell by ₹12,500, or about 5%, to ₹2,43,500 per kg due to profit-booking. Notably, silver touched an all-time high of ₹2,56,000 per kg on Wednesday. Meanwhile, gold closed at ₹1,40,500 per 10 grams in the previous session.
According to commodity experts, rising geo-political tensions globally and uncertainties linked to the US have once again strengthened gold's image as a safe investment. According to Saumil Gandhi, Senior Analyst, HDFC Securities, positive investment in Exchange Traded Funds (ETFs) and rising demand for safe investments led to the strength in gold.
In the international market, spot gold prices rose marginally to $4,479.38 an ounce. Meanwhile, silver rose $1.37, or about 1.79 percent, to $78.38 an ounce. Earlier, silver prices fell 5.53 percent to $73.83 an ounce in the international market. However, later there was an improvement.
According to Kaynat Chainwala, Head of Commodity Research at Kotak Securities, the prospect of US imposing heavy tariffs on countries that buy oil from Russia has also supported gold and silver prices. According to reports, the US is considering imposing tariffs of up to 500 percent on countries that buy oil from Russia. This could put pressure on big buyers like China, India and Brazil, as they buy cheap crude from Russia.
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