Gold and Silver Price: Gold prices rose on Wednesday as strong global trends and strong rupee depreciation supported safe-haven demand. In Delhi’s bullion market today, the price of gold of 99.9 percent purity increased by Rs 670 to Rs 1,32,200 per 10 grams. On Tuesday, gold of 99.9 percent purity fell by Rs 1670 and closed at Rs 1,31,530 per 10 grams. On Monday, gold of 99.9 percent purity had increased by Rs 3040 to Rs 1,33,200 per 10 grams. Bullion prices rose today as the rupee fell to an all-time low against the US dollar, traders said.
The ongoing rise in silver prices for 6 consecutive days stopped
However, the rising trend in silver prices that had been going on for 6 consecutive days stopped today. On Wednesday, the price of silver in Delhi fell by Rs 460 to Rs 1,80,900 per kg (including all taxes). On Tuesday, the price of silver in Delhi increased by a huge Rs 4360 to Rs 1,81,360 per kg. Whereas, on Monday, the price of silver increased by Rs 5800 to reach Rs 1,77,000 per kg.
Rupee slipped to its lowest level on Wednesday
“Gold prices registered marginal gains in the domestic markets, supported by strong global trends and weakness in the Indian currency,” said Saumil Gandhi, Senior Analyst (Commodity), HDFC Securities. On Wednesday, the rupee breached the 90-dollar mark for the first time amid sustained foreign fund outflows and rising crude oil prices and fell to its all-time low of 90.21 (provisional), 25 paise lower than its previous close.
Rise in gold and silver prices in foreign market
In the foreign market, spot gold was trading with a slight rise at $ 4207.67 an ounce, while silver rose to $ 58.47 an ounce. During trading today, silver rose by almost 1 percent to a record level of $ 58.94 an ounce. Saumil Gandhi said the soft words from Federal Reserve officials have strengthened expectations of a 25 basis points rate cut at next week’s FOMC meeting, which has created difficulties for the US dollar and provided support to bullion.
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