Gold and silver prices are once again on the rise due to a decline in the dollar index and rising tensions in the Middle East. Precious metals prices rose for the second consecutive day in the national capital Delhi on Wednesday. Traders are saying that strong trend in global market and weak dollar supported this increase.
In the Delhi bullion market, silver prices touched ₹2.98 lakh per kg, while gold prices touched ₹1.65 lakh per 10 grams. It may be noted that silver prices have increased by over ₹ 38,000 in the last two days, due to which silver has once again touched the ₹ 3 lakh mark. Also, gold prices have also seen a surge of over ₹12,000 in two days.
Silver prices rose by ₹14,300 or 5.03 per cent to ₹2,98,300 per kg (inclusive of all taxes), according to the All India Bullion Association. Silver had closed at ₹2,84,000 per kg in the previous session. At the same time, gold of 99.9 per cent purity rose by ₹ 7,400 or 4.69 per cent to ₹ 1,65,100 per 10 grams, compared to ₹ 1,57,700 per 10 grams on Tuesday.
Gold and silver prices have seen a strong rise in the international market as well. Spot silver rose $4.28, or 5.03 percent, to $89.35 an ounce, while gold rose more than $100 to $5,047.07 an ounce. Gaurav Garg, research analyst at Lemon Markets Desk, said gold prices jumped more than three per cent during the trade, while silver rose six per cent following heavy volatility.
Gold and silver prices are also rising on the Multi Commodity Exchange (MCX). Gold prices rose to a one-day high of ₹6,946 during the trading session. Gold was trading at ₹1,59,251 per 10 grams at 7:10 pm. On the other hand, silver prices also saw a big jump and touched the level of ₹ 2,87,139 per kg.
Experts believe that as long as the dollar remains weak and the ongoing geopolitical tensions in the Middle East are resolved, gold and silver prices may continue to rally. Saumil Gandhi, senior analyst at HDFC Securities, said rising tensions between the US and Iran have increased demand for gold and silver as safe-haven investments, leading to a sustained rise in precious metal prices. (Note: The information provided here is for your information only. Before making any investment, it is necessary to consult an expert.)
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