Silver and Gold Price: Due to strong global trend and weak dollar, once again there was a strong rise in the prices of gold and silver on Monday. In Delhi’s bullion market, silver prices rose by over 6 per cent to Rs 2.72 lakh per kg, while gold rose by almost one per cent to Rs 1.58 lakh per 10 grams. According to local traders, on Monday the price of silver rose by 6.66 percent i.e. Rs 17,000 to Rs 2,72,000 per kg, which had closed at Rs 2,55,000 per kg on Friday last week.
Gold became costlier by Rs 1300 on Monday
Apart from silver, today gold of 99.9 percent purity rose by Rs 1,300 (0.83 percent) to Rs 1,58,500 per 10 grams. On Friday last week, it had closed at Rs 1,57,200 per 10 grams. Saumil Gandhi, Senior Analyst (Commodity), HDFC Securities, said, “Gold rose on Monday due to fall in the dollar and speculative buying. The dollar index is trading at 97 levels with a loss of about 0.30 per cent, providing support to bullion prices.” He said global economic uncertainty and Donald Trump’s repeated and unpredictable statements on geopolitical and tariff-related issues are boosting demand for the precious metal as a safe-haven asset.
Data from China inspired investors
In the international market today, spot silver rose by $ 2.19 (2.81 percent) to $ 80.21 an ounce, while gold was trading 1 percent higher at $ 5012.94 an ounce. Saumil Gandhi said that the weekend data from China has strengthened the sentiment of investors in gold and silver. Data show that the People’s Bank of China continued buying gold for the 15th consecutive month in January despite high prices. Gandhi said that apart from this, the US inflation data to be released on Friday will also be closely monitored as these figures can play an important role in determining the direction of the dollar and give new signals for precious metals.
Latest Business News