look news india
New Delhi: Gold prices rose by Rs 800 to a new record high of Rs 65,000 per 10 grams in the national capital on Tuesday. In the previous close, the price of gold had closed at Rs 64,200 per 10 grams.
According to the report, the price of 10 grams of 24K gold in major cities including Mumbai and Kolkata was Rs 64,850. The price of 24K gold in Chennai stood at Rs 65,620 per 10 grams.
Like gold, silver also rose by Rs 900 to Rs 74,900 per kg, against its previous close of Rs 74,000 per kg.
“Taking bullish cues from overseas markets, spot gold prices (24 carat) were up by Rs 800 to trade at Rs 65,000 per 10 gram in Delhi markets,” said Saumil Gandhi, senior commodity analyst at HDFC Securities. “New all-time high of Rs 65,000 on Tuesday.” Whereas spot gold on Comex was trading at $ 2,110 an ounce.
PTI quoted Jatin Trivedi, VP Research Analyst, LKP Securities, as saying, “Gold prices rose on speculations of interest rate cut in June by the US Federal Reserve, thus leading to a rise of over Rs 2,400 in MCX in the last three days. “
“Growth was boosted by a decline in industrial and manufacturing spending in the US as well as signs of easing inflation pressures,” Trivedi said.
The price of silver also remained at $ 23.88 per ounce. In the last trade it had closed at $ 23.09 an ounce.
Gold is considered a preferred medium of investment and acts as an ideal hedge against inflation. The price of gold depends on various factors including the US dollar, government policies and global situation.