In the bullion market of the national capital, the price of gold on Friday rose for the fourth consecutive day by Rs 350 to Rs 72,850 per 10 grams. In the previous trading session, gold closed at Rs 72,500 per 10 grams. However, silver did not see a rise, rather it declined. According to Bhasha news, silver closed at Rs 86,000 per kg with a decline of Rs 200. Its previous closing price was Rs 86,200 per kg. This movement was seen in precious metals due to increasing domestic demand and strong global trend.
Reason for increase in gold prices
According to the news, the price of 99.5 percent pure gold increased by Rs 350 to Rs 72,500 per ten grams. Its previous closing price was Rs 72,150 per 10 grams. Domestically, traders attributed the rise in gold prices to retail buyers as well as rising demand from jewelers due to the recent cut in customs duty. According to market experts, the weak US economic data released on Thursday and rising tensions in West Asia are seen behind the continued buying in gold.
Looking for safe investment destinations
Investors in commodity markets are showing positive sentiment as they look for safe investment destinations for themselves amid expectations of a repo rate cut by the US Federal Reserve. Manav Modi, Senior Analyst, Commodity Research at MOFSL, said gold prices continued to rise after weaker-than-expected economic data and Federal Reserve Governor Jerome Powell hinted at an interest rate cut in early September. Globally, Comex gold is trading at $2,507.40 an ounce, up $26.60 an ounce from its previous close. Kaynat Chainwala, Co-Vice President (Commodity Research) at Kotak Securities, said Comex gold is hitting record highs amid rising expectations of multiple rate cuts this year.
Gold in futures market
The price of gold in futures trading on Friday rose by Rs 641 to Rs 70,595 per 10 grams. The price of the contract for delivery in the month of August in the Multi Commodity Exchange rose by Rs 641 i.e. 0.92 percent to Rs 70,595 per 10 grams. 19,971 lots were traded in it. Market analysts said that gold futures prices rose due to the buying of fresh deals by traders. Globally, gold rose by 1.12 percent to $ 2,508.60 per ounce in New York.
Silver in futures market today
The price of silver in futures trading rose by Rs 1,232 to Rs 83,826 per kg. The price of the contract for delivery in the month of September in the Multi Commodity Exchange rose by Rs 1,232 i.e. 1.49 percent to Rs 83,826 per kg. 25,569 lots were traded in it. Market analysts said that due to the strong trend in the domestic market, the silver futures prices rose as traders bought fresh deals. Globally, the price of silver in New York rose by 1.87 percent to $ 29.01 per ounce.