Categories: Business

gold and silver spot price up on positive global cues

Photo: FILE

gold silver price

new Delhi. Gold rose by Rs 192 to Rs 50,214 per 10 grams at the Delhi Bullion Market on Tuesday due to the rise in international prices of precious metals. In the previous trading session, gold had closed at Rs 50,022 per 10 grams. Silver also gained Rs 1,832 to close at Rs 56,441 per kg. Its closing price was Rs 54,609 on Monday. Gold was quoted at $ 1,822 an ounce in the international market, while silver was at $ 20.36 an ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices were seen in anticipation of more stimulus packages from the US and the European Union."

At the same time, strong trend in the spot market also led to the rise in futures prices. Due to positive signals, speculators bought fresh deals, leading to a rise of Rs 159 to Rs 49,186 per 10 grams in the futures market on Tuesday. At the Multi Commodity Exchange, the delivery gold contract price rose by Rs 159, or 0.32 per cent, to Rs 49,186 per 10 grams in August. It traded for 7,508 lots.

This boom in gold is being seen due to investment demand. Due to the epidemic, investors are investing in gold considered safe, which is seeing an increase in prices. On the other hand, there is a declining trend in solid gold demand. There has been a record decline in gold imports during the last quarter. On Tuesday, silver rose by Rs 1,295 to Rs 55,300 per kg in futures trade. At the Multi Commodity Exchange, silver for delivery in September rose by Rs 1,295, or 2.4 per cent, to Rs 55,300 per kg with a turnover of 18,458 lots.

This post was published on July 22, 2020 4:11 am

Content Team

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