look news india
New Delhi, September 25 (HS). Gold has reached an all-time high in the domestic bullion market. For the first time today, 24 carat gold reached the level of Rs 77,850 per 10 grams in the Delhi bullion market. Although there was some correction in its price later, but due to this rise, gold was successful in reaching a new peak of strength.
This rise in the price of gold has come during Pitru Paksha (Shraddha), when usually the purchase of gold decreases and due to this the price of gold also decreases. After the end of Pitru Paksha, as soon as Navratri begins, the demand for gold increases, which continues till Dhanteras and Diwali, after which the demand for gold remains high even during the wedding season. But this time the sharp rise in the price of gold during Pitru Paksha has surprised the market experts.
Bullion market expert Mayank Mohan says that usually there is a slowdown in the bullion market during Pitru Paksha. But this year, due to global conditions, there has been a sharp rise in the price of gold. Also, due to industrial demand and purchases from the market by companies manufacturing gold coins, there is a rise in the demand for gold. Although this year too, there is a slowdown in the jewelry segment during Pitru Paksha like before, but industrial demand and global boom have pushed gold to the peak in the domestic bullion market.
In the international market, 24 carat gold has crossed the level of $ 2,690 per ounce, due to which the price of gold in the Indian market is also continuously rising. According to Mayank Mohan, based on the indications received so far, it is being estimated that in the coming days, gold may also cross the level of $ 3,200 per ounce in the international market. Due to the possibility of increase in gold, the bidding of gold is also increasing in the future market. In futures trading, gold has reached an all-time high level of Rs 76 thousand per 10 grams.
In the futures trading of Multi Commodity Exchange (MCX), the contract of gold for October delivery has reached a new peak of Rs 76 thousand with a jump of Rs 997. Talking about the international market, gold is trading at the level of $ 2,681.10 per ounce with a strength of 0.15 percent on Comex. Earlier today, gold has also reached the record level of all-time high of $ 2,694.89 per ounce on Comex.
Bhagchand Soni, a trader in the Delhi bullion market, says that due to the reduction in interest rates in the US, the price of gold in the international market has been continuously increasing. He says that the domestic market is completely dependent on the international market, so the rise in global prices is also leading to a strong rise in the domestic market. Bhagchand Soni also says that due to the rise in the international market, the price of gold is expected to rise further by Diwali. This is the reason why advance booking of gold and gold jewellery has increased rapidly. Due to this, gold is trading at new heights in the bullion market.