Gold Rate: Gold and silver prices saw a tremendous rise on Monday. Due to weak dollars, US-China tariff war and global uncertainties, investors turned to gold and silver, leading to a record level of Rs 1,650 to Rs 99,800 per 10 grams in the national capital’s bullion market. It is close to the level of Rs 1 lakh.
Gold close to 1 lakh rupees
According to the All India Bullion Association, the price of gold with 99.9 percent purity increased from Rs 98,150 to Rs 99,800 on Friday. At the same time, gold with 99.5 percent purity jumped Rs 1,600 to Rs 99,300 per 10 grams.
Gold became expensive by Rs 20,850 till 31 December
Since December 31 this year, gold has registered a total of Rs 20,850, or about 26.4 percent. Silver prices also did not lag behind. It rose by Rs 500 to Rs 98,500 per kg, while it closed at Rs 98,000 on the last trading day.
Why gold is getting expensive
Satish Dondapati, the fund manager of Kotak Mahindra AMC, said that gold-silver prices have been observed continuously due to reasons such as tariff wise, expectation of interest rate cuts and weak dollars. He said that since the recently announced new charges by the US administration, gold has increased by six percent.
Gold rate in MCX
Gold futures with June delivery on the Multi Commodity Exchange (MCX) rose by Rs 1,621 to a new level of Rs 96,875 per 10 grams. In the international market too, gold increased rapidly and the spot price reached a record level of $ 3,397.18 an ounce. Later it slipped a little to trading at $ 3,393.49 an ounce. Gold in the futures market jumped at $ 3,400 for the first time with a jump of $ 80. According to Pranav Mer of JM Financial, gold is strengthening due to increase in global bond returns and weakness in dollars. Here, silver in the Asian business also rose about 1 percent to $ 32.85 an ounce.
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