Gold prices rose by 350 rupees to hit a new high of 81,000 rupees per 10 grams, while silver jumped 1,500 rupees to 100,000 rupees in the national capital on Tuesday amid surge in demand, All India Sarafa reported. was recorded. Association.
Continuing its five-day rally, silver rebounded by Rs 1,500 against Monday's previous close of Rs 99,500 per kg to hit a new high of Rs 1.01 lakh per kg.
“Current momentum in silver prices is driven by industrial demand such as growing solar power applications, followed by jewelery and silverware sectors,” said Arun Misra, CEO and Whole Time Director, Hindustan Zinc Corporation. he said.
According to Jateen Trivedi, Research Analyst, Commodities and Currencies, LKP Securities, silver prices continue their rapid upward momentum, surging above Rs 100,000 crore in the Indian spot market, slowing the pace. The fast rise suggests the price could reach Rs 1.1 million, it said. Before Diwali.
Moreover, 99.5 per cent pure gold soared by Rs 350 to hit a new high of Rs 80,600 per 10 grams.
Meanwhile, 99.5 per cent pure metal closed at Rs 80,250 per 10 grams and 99.9 per cent pure gold at Rs 80,650 per 10 grams on Monday.
Bullion traders attribute the surge in precious metal prices to increased consumption in the domestic market's industrial and wearable sectors.
Additionally, rising geopolitical tensions in West Asia and interest rate status quo by most of the world's central banks, as well as growth concerns, particularly in China, led prices, traders added.
In futures trading on Multi Commodity Exchange (MCX), gold contract for December delivery rose by Rs 208 or 0.27 per cent to Rs 78,247 per 10 grams.
On MCX, gold prices are rising and bullish momentum continues to push prices higher. Trivedi said this strong demand for bullion is likely to keep gold prices higher in the short term as risk barometers remain high.
He added that market participants will closely monitor developments in interest rates, global conflicts, and macroeconomic data, as these factors play a key role in shaping gold's trajectory.
Silver contract for December delivery rose by Rs 882 or 0.91 per cent to Rs 98,330 per kg on the exchange.
Comex gold futures rose 0.30% during Asian market hours, hitting a new all-time high of $2,747.10 per ounce.
“Gold prices edged up to $2,747 per ounce as investors focused on the BRICS summit, where Russia will join the new global financial payments system,” said Keinat Chainwala, head of AVP products research at Kotak Securities. “We aim to challenge the dominance of the US dollar.”
Globally, silver Comex futures rose nearly 1% to $34.41 an ounce.
“Gold prices hit another record high on Monday, extending gains from last week as uncertainty surrounding the US election and expectations of Israeli retaliation against Iran fueled demand for the safe-haven asset.
Manav Modi, senior commodity research analyst at Motilal Oswal Financial Services “Despite the holding, gold bullion has risen.” , said.
Prime Minister Modi said that this week's focus will be on the International Monetary Fund (IMF) meeting, preliminary PMI figures for manufacturing and services in major countries, orders for durable goods in the United States, and comments from Federal Reserve officials, which will determine near-term bullion prices. said.
