On Wednesday, the price of gold in the national capital again reached Rs 80,000 per 10 grams. The precious metal of 99.9 percent purity rose by Rs 300 to Rs 80,000 per 10 grams in about a month. In the last session on Tuesday, it had closed at Rs 79,700 per 10 grams. According to PTI news, the price of gold of 99.5 percent purity increased by Rs 300 to Rs 79,600 per 10 grams on Wednesday. On Tuesday, the yellow metal closed at Rs 79,300 per 10 grams.
There is also a rise in the price of Chanji
Rising for the third consecutive day, silver prices also rose by Rs 500 to reach the highest level in almost a month at Rs 92,500 per kg. In the last market session, this white metal had closed at Rs 92,000 per kg. On MCX, gold contracts for February delivery rose by Rs 43 to Rs 77,574 per 10 grams. Silver contracts for March delivery rose by Rs 224, or 0.25 per cent, to Rs 91,097 per kg in futures trade on the Multi Commodity Exchange (MCX) on Wednesday. Meanwhile, in international markets, Comex gold futures fell 0.09 percent to 2,663. Came to $10 per ounce. In the Asian market, Comex silver futures were quoted at $ 30.71 an ounce.
Gold gained strength due to Chinese demand
Traders attributed the rise in prices to increased demand from jewelers and retailers in the local markets. Saumil Gandhi, senior commodity analyst at HDFC Securities, said gold prices rose on Wednesday as strong Chinese demand boosted sentiment. Central banks around the world collectively added 53 tonnes of gold to their reserves in November 2024, including eight tonnes from the Reserve Bank of India, the World Gold Council said in a report on Monday.
Gold imports at record level
Renisha Chainani, head of research at Augmont, said softening US data this week could open the door to gains if investors become more bullish about the Federal Reserve’s delivery of interest rate cuts through 2025. The Commerce Ministry has reduced the gold import figure for November by $5 billion to $9.84 billion. This information has been given by the Directorate General of Commercial Intelligence and Statistics (DGCIS). DGCIS is a branch of the Ministry of Commerce. According to data released by the ministry last month, the country’s gold imports reached a record high of $14.86 billion in November, showing a four-fold increase.
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