Gold and silver prices continue to rise Gold rose by Rs 280 to Rs 35,950 per kg The silver price was over Rs 42 thousand. Gold prices were rising today due to the buying and selling of jewelers.
The price of silver is getting faster than last 4 days. Silver, however, edged up by Rs 935 to Rs 42035 per kilo today. There is a demand for coins manufacturers and industrial units in silver. Silver prices rose by Rs 1,925 in three days.
According to Tapan Patel, senior analyst at HDFC Securities, the rise in gold prices came at the international level due to the price of gold at $ 1452.9. Currently, the gold price is running at $ 1440.
Tapan said that due to the rise in silver prices, industrial demand may increase due to the large central bank’s sign of interest rate cut. In the US, the Federal Reserve’s interest rate reduction is also the reason for the rise. On the other hand, news of the American Navy’s dropping the Iranian drone in the Middle East also boosted the pace. Patel said that the price of gold can be faster in the coming times. According to him, the reduction of the weak dollar and the rate of the Fed will accelerate.
On the other hand, concerns about the recovery in the emerging market due to the reduction in the interest rates of Central Bank of South Korea and Indonesia. Gold is trading at $ 1437 and silver at $ 16.45 in the international market.
In the Delhi bullion market, gold of 99.9 percent and 99.5 percent purity rose by Rs 280-280 to Rs 35,950 and Rs 35,780 per ten gram respectively. Eighth gram rose by Rs 100 to Rs 27,500 per unit.
On the other hand, silver gained Rs 935 to Rs 42,035 per kg, while weekly-based delivery went up by Rs 857 to Rs 41,263 per kilogram. The rupee appreciated by Rs. 3 thousand in silver coins. Livelihood of silver coins has gone up by 84000 rupees and the sale price of Rs. 85 thousand rupees.