Gold Rate Today: Due to increasing international trade tensions and increasing interest of investors towards safe assets, gold prices recorded a big rise on Monday. In the bullion market of the national capital Delhi, gold jumped by Rs 1,950 to reach a new record level of Rs 1,27,950 per 10 grams.
According to All India Bullion Association (IBJA), on Friday, gold of 99.9 percent purity closed at Rs 1,26,000 per 10 grams. At the same time, gold of 99.5 percent purity increased by Rs 1,950 to Rs 1,27,350 per 10 grams, which is the highest level till date.
US-China tension increases investors’ concerns
According to commodity expert Jatin Trivedi of LKP Securities, due to the increasing trade dispute between America and China, investors are again returning to safe investment i.e. gold.
The US administration has recently announced to increase the import duty on Chinese products by up to 100 percent. In response, China has warned of banning the export of rare earth minerals. This increasing uncertainty has made investors shy away from risky investments, which increased the demand for gold. According to Trivedi, gold is gaining strength due to geopolitical tension and investors wanting security.
Tremendous rise in silver also
Along with gold, a big increase was also seen in the prices of silver. According to the Bullion Association, on Monday, silver jumped by Rs 7,500 to reach a new record level of Rs 1,79,000 per kg. On Friday it closed at Rs 1,71,500 per kg.
International market also booming
Spot gold in overseas markets rose nearly 2% to $4,084.99 an ounce, its highest ever level. At the same time, silver also jumped by about 3% to reach $ 51.74 an ounce.
HDFC Securities expert Dilip Parmar says that due to strong demand of the festive season, reduction in supply and lack of cash flow, gold prices are continuously increasing. Buying by central banks globally and geopolitical instability have also increased investor interest.
Gold and silver prices also rose in Indore
A big jump was recorded in the prices of both gold and silver in Indore bullion market on Monday. According to local traders, gold rose by Rs 2,000 to Rs 1,29,000 per 10 grams, while silver rose by Rs 11,500 to Rs 1,77,500 per kg. At the same time, the price of silver coin was recorded at Rs 2,000 per piece.