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Gold and silver prices hit new all-time highs on Tuesday as domestic markets continued their bullish trend for the second consecutive day amid fears of rising tensions in West Asia.
According to HDFC Securities, the price of gold in the national capital on Tuesday stood at Rs. It was increased to Rs 700. 73,750 per 10 grams, reaching an all-time high. On Monday it closed at Rs 73,050 per 10 grams. Similarly, the price of silver is also Rs 100. Increase to Rs 800. Reached a record high of Rs 86,500 per kg.
Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said the spot price of gold per 10 grams (24 carat) in Delhi markets stood at Rs 5 on positive cues from global markets. Was seen trading at Rs 73,750. 700 indicates an increase in the price.
Spot gold on the global market Comex was trading at $ 2,370 an ounce, which was $ 15 above the previous close. Gold rose on demand for safe-haven assets amid fears of rising tensions in West Asia following Iran's attack on Israel last week. Gandhi said investors' attention was drawn to a possible retaliatory attack, which would lead to a full-scale war between the two countries. The risk of onset may increase. This has increased the demand for gold and silver as safe investment options.
Silver also increased to $ 28.40 an ounce. In the last trade it closed at $ 28.25 an ounce. Additionally, following higher-than-expected inflation data last week, investors will be looking forward to a speech by US Federal Reserve chief Jerome Powell on Tuesday, who will provide more information on the monetary policy outlook.
Meanwhile, in MCX futures trade, the June gold contract was the most traded at Rs. It became Rs 349. It was being traded at Rs 72,626 per 10 grams. During the day's trading it was Rs 10 per 10 grams. Reached an all-time high of 72,927. However, the May contract of silver on Multi Commodity Exchange (MCX) was at Rs. Down from Rs 314. It was being traded at Rs 83,537 per kg.
Jatin Trivedi, Vice President, Research Analyst-Commodities and Currency, LKP Securities, said that gold rose on MCX, while gold on Comex reached $ 2,370 an ounce overnight. He said that going forward, as long as geopolitical tensions remain and increase, sentiment towards gold will remain bullish.