There was a sharp rise in the prices of gold and silver in the country’s bullion market for the second consecutive day. In the national capital, silver price touched nearly Rs 3 lakh per kg, while gold also seemed to be trading at a new high. Buying in precious metals has increased amid global market cues and dollar weakness. This has strengthened the interest of investors again.
How much did the prices increase and where did the price reach?
According to bullion traders, the price of silver jumped by Rs 14,300 to Rs 2,98,300 per kg. Earlier in the last trading session, it had closed at Rs 2,84,000 per kg. At the same time, gold of 99.9 percent purity rose by Rs 7,400 to Rs 1,65,100 per 10 grams. A day earlier its closing price was Rs 1,57,700 per 10 grams. This rise in the prices of both the metals was recorded including tax.
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What is being said to be the main reason for the rise?
Traders say that the strengthening trend in the global market and the weakness of the US dollar supported gold and silver. After the sharp fall last week, investors have again turned to precious metals as safe investments. According to market analysts, after fluctuations and corrections, a strong recovery is now being seen. A rise of about six percent was seen in silver in intra-day trading.
What was the trend in the international market?
Both gold and silver remained strong in the international market also. Spot silver rose $4.28 to $89.35 an ounce. Whereas gold was seen trading up by $ 100.03 at $ 5,047.07 per ounce. According to analysts, global investors have also increased demand for safe investments, which supported international prices. This also had a direct impact on the prices of the domestic market.
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Safe-haven demand increased due to geopolitical tension
Commodity experts say that the increasing geopolitical tension between America and Iran has also increased the demand for gold and silver. This tension has weakened the expectations regarding nuclear talks. Fearing a possible conflict, investors have moved towards safer options. In such an environment, gold and silver are considered traditional safe-haven assets, due to which there has been a sharp rise in their prices.
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