The price of gold and silver jumped sharply on Tuesday. The price of gold in the national capital rose by Rs 550 to Rs 74,350 per 10 grams. The precious metal with 99.9 percent purity closed at Rs 73,800 per 10 grams in the previous session on Friday. Due to fresh demand from local jewelers, prices saw a sharp rise on Tuesday. According to the All India Sarafa Association, the price of silver also rose by Rs 1,200 to Rs 88,200 per kg on Tuesday, while at the time of the previous close it was Rs 87,000 per kg.
Gold with 99.5 percent purity
According to Bhasha news, meanwhile, gold with 99.5 percent purity also rose by Rs 550 to Rs 74,000 per 10 grams. Traders said yellow metal prices rose due to a surge in demand from local jewellers and retailers in the domestic market. Bullion markets in New Delhi were closed on Monday on the occasion of Krishna Janmashtami. Gold was trading down by $11.30 an ounce at $2,543.90 an ounce in Asian trading hours.
This also played a role in boosting gold
Bullion hit a record high last week as market participants welcomed soft comments from the Federal Reserve. Experts say some safe haven demand also boosted gold as ceasefire talks between Israel and Hamas yielded some results, while hostilities continued in the Middle East. Apart from this, silver prices closed at $30.34 an ounce in global markets.
Experts say that demand for gold is expected to increase in major markets like India and China in the coming months, which will further support prices. Going forward, gold prices are likely to remain bullish supported by safe-haven demand amid tensions in the Middle East and anticipation of a possible US interest rate cut.
