With the settlement of dollar prices in the international market, a strong increase in the prices of precious metals like gold and silver has been recorded. On the very first day of December, a jump of more than Rs 350 has been recorded in the price of gold in the Indian market. On the other hand, the price of 1 kg of silver has also increased by more than Rs.1400. This is one of the biggest hike in gold and silver prices in recent times.
What are the prices of bullion today
On Thursday, gold rose by Rs 352 to Rs 53,677 per 10 grams in the Delhi bullion market. In the previous trading session, gold had closed at Rs 53,325 per 10 grams. Following gold, silver also gained Rs 1,447 to close at Rs 65,003 per kg.
why gold became expensive
Dilip Parmar, Research Analyst, HDFC Securities, said, “Spot gold prices in Delhi moved up amid strong spot demand for gold.” There will be good demand for gold from other side. In the international market, gold traded higher at USD 1,778.6 an ounce and silver at USD 22.25 an ounce.
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Biggest gain in a month
Navneet Damani, Senior Vice President, Commodity Research, Motilal Oswal Financial Services, said, “After the speech of US Federal Reserve Chairman Jerome Powell, expectations of a modest hike in interest rates are bound. Due to this, the prices of gold and silver saw the biggest increase in one month.
Gold futures rose up to Rs 479
Gold prices rose by Rs 479 to Rs 53,410 per 10 grams in futures trade on Thursday as speculators created fresh positions due to strong demand in the spot market. At the Multi Commodity Exchange, the contracts for delivery in February 2023 advanced by Rs 479, or 0.9 per cent, to Rs 53,410 per 10 grams. There was a turnover of 15,664 lots. Market analysts said fresh positions created by traders mainly influenced the rise in gold prices at futures.
Silver futures rise
Silver prices on Thursday rose by Rs 1,172 to Rs 64,633 per kg in futures trade as traders widened their positions amid strong demand in the spot market. On the Multi Commodity Exchange, silver for delivery in March 2023 traded higher by Rs 1,172, or 1.85 per cent, to Rs 64,633 per kg. There was a turnover of 18,149 lots. Market analysts said fresh buying by traders amid an uptrend in the spot market mainly influenced silver prices at futures trade.
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