Categories: Business

Gold touches new record high silver fall

Photo: FILE

gold price at new record high

new Delhi. With the softening of the rupee and the strengthening of precious metals in the international market, gold rose by Rs 475 to Rs 51,946 per 10 gram in the Delhi bullion market on Friday. The previous day's closing price of gold was Rs 51,471 per 10 grams. However, silver declined by Rs 109 to Rs 62,262 per kg, which closed at Rs 62,371 per kg on Thursday. HDFC Securities Senior Analyst (Commodity) Tapan Patel said, "The 24-carat gold spot price in Delhi rose to a new high of Rs 475 due to the fall in the rupee exchange rate and the improvement in the international market." On Friday, the rupee depreciated by eight paise to 74.83 against the US currency. Trading sources said the rupee weakened due to slowing trend in the domestic stock market and rising investor tensions between the US and China.

In the international market, gold was quoted at $ 1,897 an ounce, while silver rose marginally to $ 22.70 an ounce. "With tensions between the US and China and an increase in cases of corona virus infection in the US, investors are hoping to increase buying in bullion, a safe investment option," he said.

Gold prices were trending upwards from last year, however in the year 2020, due to the epidemic it started showing up. In view of the Corona crisis, investors started investing in gold considered safe. Since March, the price of gold has increased by 25 percent. By the end of June, commodity experts were expecting gold to cross 52,000 levels by Diwali, though now there are indications that gold will cross this level much earlier.

This post was published on July 25, 2020 4:58 am

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