The price of gold has surged past ₹78,000 per 10 grams for the first time, driven by a strengthening global market for precious metals and ongoing buying from jewelry sellers. On Thursday, gold prices in the national capital’s bullion market rose by ₹400, reaching an all-time high of ₹78,250 per 10 grams, according to the All India Sarafa Association. This marks the second consecutive day of record-breaking gains for gold.
On Wednesday, the price of gold had already risen by ₹900, closing at ₹77,850 per 10 grams. This increase comes amid a favorable global market trend and heightened local demand. Silver, too, saw a significant boost, with prices rising by ₹1,000 to ₹94,000 per kilogram, following strong demand from industrial units and coin manufacturers. The previous day, silver had surged by ₹3,000, closing at ₹93,000 per kilogram.
Gold with 99.5% purity also reached a new record of ₹77,900 per 10 grams, compared to the previous session’s close of ₹77,500. Analysts attribute this rise to both local demand and a strong global market trend, which has bolstered prices.
On the Multi Commodity Exchange (MCX), the October delivery contract for gold saw an increase of ₹162, reaching ₹75,475 per 10 grams. Meanwhile, the December delivery contract for silver gained ₹1,034, climbing to ₹93,079 per kilogram. Internationally, on the COMEX, gold rose by 0.61%, reaching $2,701.20 per ounce.
Why Gold Prices Are Rising
Soumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, explained that the recent surge in gold prices is largely due to easy monetary policies from major Western central banks and growing concerns over conflicts in Western Asia. Additionally, a weakening US dollar has further supported the rise in precious metal prices.
In Asian trading hours, silver also saw a significant uptick, rising by 2.63% to reach $32.86 per ounce.
The combination of local demand, a strong global market, and geopolitical tensions continues to drive gold prices higher, making it a favorable time for investors and jewelry buyers alike.
Key Points:
- Gold prices rise by ₹400, crossing the ₹78,000 mark for the first time in Delhi’s bullion market.
- Silver prices also increase by ₹1,000 to ₹94,000 per kilogram, driven by strong industrial and coin maker demand.
- 99.5% pure gold reaches a new record of ₹77,900 per 10 grams.
- On the Multi Commodity Exchange (MCX), October gold contracts hit a new high of ₹75,475 per 10 grams.
- Strong global trends, including easy monetary policies and geopolitical tensions, have fueled the price hike.
- HDFC Securities attributes the rise to a weaker US dollar and concerns over Western Asia’s escalating conflicts.