Gold rose by Rs 800 to a new record level of Rs 65,000, silver also strengthened by Rs 900.
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New Delhi. Amid the strengthening trend in global markets, the price of gold rose by Rs 800 to Rs 65,000 per 10 grams on Tuesday in the bullion market of the national capital. This is a new record level of gold. HDFC Securities gave this information. In the last trading session, gold had closed at Rs 64,200 per 10 grams. Silver price also jumped by Rs 900 to Rs 74,900 per kg. In the last trading session it had closed at Rs 74,000 per kg.
“In the Delhi market, gold (24 carat) was trading at spot price of Rs 65,000 per 10 grams, which is an increase of Rs 800 from the previous close,” said Saumil Gandhi, senior commodity analyst at HDFC Securities. In domestic markets, spot gold hit a new all-time high of Rs 65,000 on Tuesday, Gandhi said. In the international market, gold spot in Comex (commodity market) strengthened to $ 2,110 an ounce, which is more than one percent higher than the previous closing price.
Jatin Trivedi, Vice President, Research Analysis Department, LKP Securities, said gold prices witnessed a rise due to increased speculation about interest rate cut by the US Federal Reserve in June. Thus, MCX saw a rise of more than Rs 2,400 in the last three days.” He said, signs of decline in industrial and construction spending in the US as well as reduction in inflationary pressure also boosted the growth. Silver also remained strong at $ 23.88 an ounce. In the last trade it had closed at $ 23.09 an ounce.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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