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Gold and silver prices reached record high in Delhi's bullion market. Amid the bullish trend in global markets, gold and silver prices continued to rise for the fourth consecutive trading session on Friday in the bullion market of the national capital. Gold crossed the level of Rs 73,000 per 10 grams with a gain of Rs 1,050. At the same time, silver prices reached record high. Silver price Rs. A jump of Rs 1,400 was seen. Reached a new record high of Rs 86,300 per kg.
Gold and silver prices reached record high
According to HDFC Securities, the price of gold in Delhi was Rs 2.55. 1,050 to Rs. Rs 73,350 per 10 grams reached an all-time high. In the last session it was Rs. It had closed at Rs 72,300 per 10 grams. Saumil Gandhi, Research Analyst, HDFC Securities, said, “Taking cues from the strong trend in overseas markets, the spot price of 24 carat gold in Delhi markets is trading at a new record high of Rs 73,350 per 10 grams as compared to the previous close. ” Commodity markets remained partially closed on Thursday on the occasion of Eid-ul-Fitr.
International market boom
The price of gold on the international market Comex was $ 2,388 per ounce, which is $ 48 more than the previous closing price. Gold hit a new all-time high in the early hours of the European trading day on Friday. Demand for gold as a safe haven supported the precious metal's rise following rising tensions in West Asia and the possibility of Iran retaliating against Israel's attack on its embassy in Syria. Apart from this, silver also rose sharply to reach $ 28.95 per ounce. In the last session it had closed at $ 28.05 an ounce.
During the day's trading in MCX futures trade, gold was trading at Rs. Reached an all-time high of Rs 72,828 per 10 grams. The most traded June gold contract was priced at Rs. 1,037 to Rs. ₹72,681 per 10 grams. Macroeconomic data released by Britain and Germany and trade data from China will give further direction to gold prices.
Gold has become the safest investment
Gold prices have increased rapidly in the international market in the last three weeks. During this period, the price of silver also remained on the rise. The reason for this surge in gold and silver prices is the heavy purchases being made by central banks around the world. Recently, Public Bank of China bought a large amount of gold in March. At the same time, many global banks of the world have also increased their gold reserves. The war between Russia, Ukraine, Israel and Hamas has created an environment of instability in the global world as well as central banks around the world. Therefore gold is the safest investment among investors.