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Gold record level before Dhanteras: Gold prices have skyrocketed 10 days before Dhanteras. On Friday, there was a strong rise in the price of gold not only in Delhi Bullion Market but also on Multi Commodity Exchange. The price of gold has increased by Rs 4,132 in the last one month. Experts believe that the rise in gold prices is being seen due to geopolitical tensions and increased demand for gold during the festive season. Gold prices may increase further in the coming days. On the day of Dhanteras, the price of gold on MCX can reach around Rs 80,000.
Gold made record on MCX
Gold prices reached record levels on Friday in the Multi Commodity Exchange. Gold prices were seen at Rs 77,839 per 10 grams during the trading session. When the market closed late night, gold prices closed at Rs 77,749 per ten grams. However, in the morning the price of gold was seen at Rs 77,249. On Friday, gold prices closed with a rise of more than Rs 600. According to experts, the price of gold may increase further in the coming days.
How much did it increase in a month?
There has been a tremendous rise in gold prices on Multi Commodity Exchange in the last one month. Gold prices have seen an increase of 5.61% in the last one month. That means an increase of 4132 has been seen in the price of gold. On September 18, the price of gold was Rs 73,707 per 10 grams. Whereas on October 18, the price of gold reached the highest level of Rs 77,839 per 10 grams. According to the information received, the price of gold can reach Rs 80 thousand in the coming days i.e. by Dhanteras.
Gold prices in Delhi at record level
According to the All India Bullion Association, gold rose by Rs 550 to a record high of Rs 79,900 per 10 grams in the national capital's bullion market on Friday due to strong festive demand. In the last trading session on Thursday, 99.9 per cent pure gold had closed at Rs 79,350 per 10 grams. Gold of 99.5% purity rose by Rs 550 for the third consecutive day to reach a new high of Rs 79,500 per 10 grams. In the previous session, it had closed at Rs 78,950 per 10 grams. Meanwhile, silver increased by Rs 1,000 to Rs 94,500 per kg. On Thursday, silver remained stable at Rs 93,500 per kg.
What do the experts say?
Market experts said the demand for precious metals in the domestic market has reached record levels due to increased purchasing by consumers during the festive period. Amidst the ongoing tension in West Asia and uncertainty regarding the upcoming US presidential election, investors are looking at gold as a safe investment option. Manav Modi, Senior Analyst (Commodity Research), Motilal Oswal Financial Services Ltd, said the gold market and domestic gold prices have reached record levels due to safe investment mood a few weeks before the US presidential elections. The reduction in interest rates by the European Central Bank has also helped in this.