Today Gold Price: Gold prices in the national capital saw a tremendous jump this week. On Friday, the price of gold rose by Rs 1,100 to a two-week high of Rs 80,400 per 10 grams. According to the All India Sarafa Association, the main reason for this increase is the current wedding season and increased purchases by jewelers.
Silver prices also continue to rise
Along with gold, silver prices also saw an increase. Silver rose by Rs 300 to Rs 93,300 per kg, which was Rs 93,000 per kg in the previous session. This increase reflects the increasing demand for silver among investors and sellers.
Effect of global instability on gold
According to Jatin Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, “Gold prices continue to rise due to global instability and market uncertainty.” The growing tension between Russia and Ukraine has increased the demand for gold, as it is considered a safe medium of investment.
Gold-silver situation on MCX
Gold prices rose by Rs 900 on the Multi-Commodity Exchange (MCX), taking it to Rs 77,600 per 10 grams. Silver also rose by Rs 996 or 1.11 per cent to Rs 90,921 per kg on MCX. During the day, silver jumped Rs 1,288 or 1.43 per cent to Rs 91,213 per kg.
Gold performance on Comex
Globally, gold futures on Comex rose by $36 an ounce or 1.33 per cent to $2,735.30 an ounce. The main reason for this increase is global economic instability and tension between Russia and Ukraine.
Wedding season increased demand
A major reason for the increase in gold and silver prices in India is the wedding season. At this time the demand for jewellery increases, which drives up the prices. The continuous purchases by jewellery sellers have further fuelled this increase.
How to check gold and silver prices?
To know the latest prices of gold and silver, you can visit the website of Multi-Commodity Exchange (MCX) or All India Sarafa Association (IBJA). Apart from this, contact local jewellers for the latest market information.
