New Delhi. In the bullion market of the national capital, gold rose by Rs 750 on Monday and reached a record level of Rs 80,650 per 10 grams. At the same time, the price of silver reached an all-time high with a tremendous jump of Rs 5,000. All India Bullion Association has given this information.
Silver prices continued to rise for the fourth consecutive day and reached a new record high of Rs 99,500 per kg with a jump of Rs 5,000. On Friday, the price of silver closed at Rs 94,500 per kg. According to commodity market experts, the main reason for the ongoing rise in the silver market is industrial demand and the rise in gold. The rise of silver looks strong. He said that investors will continue to view the decline as a buying opportunity, which will provide good support to silver in the coming sessions.
Apart from this, gold of 99.5 percent purity rose by Rs 750 to reach a new record high of Rs 80,250 per 10 grams. Gold of 99.5 percent purity had closed at Rs 79,500 per 10 grams on Friday, while gold of 99.9 percent purity had closed at Rs 79,900 per 10 grams. Bullion traders attributed the rise in gold prices to the increase in purchases by local jewelers to meet the increased demand during the festive and wedding seasons.
Apart from this, the positive trend in foreign markets along with the fall in stock markets increased the demand for gold as a safe investment option. In the futures trade of Multi Commodity Exchange (MCX), gold contract for December delivery rose by Rs 493 to Rs 78,242 per 10 grams. During trading on Monday, gold had increased by Rs 591 to Rs 78,340 per 10 grams.
The price of silver contract for December delivery jumped by Rs 2,822 or 2.96 percent to reach a high of Rs 98,224 per kg. Jatin Trivedi, Vice President, Research Analysis (Commodity & Currency), LKP Securities, said, “Silver prices in MCX have reached Rs 98,000, which has been supported by Comex silver rising to $ 34 an ounce. Crossing the $34 level has triggered fresh buying in silver, as market participants expect further upside.”
Trivedi said this surge in silver is not only due to its appeal as a more affordable precious metal, but also due to growing demand from the electric vehicle (EV) sector and photovoltaic applications, creating global demand in the medium to long term. Expected to stay. Globally, Comex gold futures rose 0.52 percent to $ 2,744.30 an ounce. Meanwhile, the price of silver futures in the Asian market rose by 2.91 percent to 12-year high of $ 34.20 an ounce.