Gold price jumps up to Rs 1000, silver also rises, know the latest price
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New Delhi : Amid a firm trend in the prices of precious metals in the international market, gold prices on Monday rose by Rs 970 in Delhi’s bullion market. With this, gold reached Rs 56,550 per 10 grams. In the last trading session, gold had closed at Rs 55,580 per 10 grams. The price of silver also jumped by Rs 1,600 to close at Rs 63,820 per kg.
Gold costlier by Rs 970 in Delhi
HDFC Securities Senior Analyst Saumil Gandhi said that the spot price of gold in the Delhi market was up by Rs 970 to Rs 56,550 per 10 grams. In the international market, gold rose sharply to $1,875 an ounce, while silver held firm at $20.75 an ounce. Navneet Damani, senior vice-president, research, Motilal Oswal Financial Services, said gold prices rose to their highest level in more than five weeks amid positive US economic data. The fall in the dollar and the failure of the largest US bank since the 2008 financial crisis is prompting investors to turn to safe-haven assets.
Gold futures rise
Speculators created fresh positions due to strong demand in the spot market, due to which gold prices rose by Rs 278 to Rs 56,428 per 10 grams in futures trade on Monday. On the Multi Commodity Exchange (MCX), the contract for delivery in April rose by Rs 278, or 0.5 per cent, to Rs 56,428 per 10 grams. There was a turnover of 9,444 lots. Market analysts said fresh positions created by traders mainly influenced gold futures prices. Globally, gold rose 0.71 per cent to USD 1,880.50 an ounce in New York.
rise in silver prices
On the other hand, silver prices rose by Rs 648 to Rs 63,538 per kg in futures trade on Monday as traders increased the size of their deals amid strong spot demand. In MCX, silver for delivery in May rose by Rs 648, or 1.03 per cent, to Rs 63,538 per kg. There was a turnover of 14,586 lots. Market analysts said the rise in silver futures mainly due to fresh positions created by traders amid an uptrend in the domestic spot market. Globally, silver traded higher by 1.43 per cent at USD 20.80 an ounce in New York.
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