Silver and Gold Price: Amid strong global trends, gold and silver prices once again witnessed an increase on Tuesday. There was a huge increase in the prices of silver today, while on the other hand, a slight increase in the prices of gold was recorded. According to All India Bullion Association, after 3 consecutive days of decline, the price of silver in Delhi’s bullion market on Tuesday rose by Rs 10,975 (4.09 percent) to Rs 2.79 lakh per kg. On Monday, the price of silver fell by Rs 3400 (1.3 percent) and closed at Rs 2,68,300 per kg.
Slight increase of Rs 400 in gold prices
Apart from silver, a modest rise of Rs 400 (0.24 percent) was seen in gold prices today. After this latest increase, the price of gold of 99.9 percent purity reached Rs 1,64,700 per 10 grams in the bullion market of Delhi. On Monday also, gold closed at Rs 1,64,300 per 10 grams with a slight increase of Rs 200. In international markets, spot silver prices today rose by $1.38 (1.6 percent) to $88.33 an ounce. At the same time, gold was trading at $ 5172.86 per ounce with a rise of about one percent.
Donald Trump points towards a possible solution to the ongoing conflict in West Asia
Research Analyst Gaurav Garg of Lemon Markets Desk said that there was a rise in the prices of gold and silver on Tuesday. The main reason for this was geopolitical developments, because US President Donald Trump has pointed towards a possible solution to the ongoing conflict in West Asia. Due to this conflict, investors were in a state of confusion for a long time. He said that this turmoil has created an environment of instability in the market. Due to the huge increase in crude oil prices, there is fear of inflation, which is affecting the sentiments of investors.
People’s Bank of China continues purchasing gold for the 16th consecutive month
Saumil Gandhi, Senior Analyst (Commodity), HDFC Securities, said, “There was an improvement in gold and silver prices on Tuesday. Softening in the US dollar and bond yields provided relief to these precious metals. Gandhi said the dollar index declined after touching a 15-week high in the previous session, while US bond yields also weakened slightly, giving bullion prices a chance to recover. The People’s Bank of China continued purchasing its gold reserves for the 16th consecutive month in February.
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