Jewelers And due to the frequent purchases of stockists, the price of gold in Delhi’s bullion market on Tuesday rose by Rs 2400 to Rs 99,750 per 10 grams. Let us tell you that today the prices of gold have been recorded for the third consecutive day. On Monday, gold with 99.9 percent purity closed at Rs 97,350 per 10 grams. Along with this, gold with 99.5 percent purity also increased by Rs 2400 to Rs 99,300 per 10 grams. Its previous closed price was Rs 96,900 per 10 grams.
Why the price of gold increased so fast today
Chintan Mehta, Chief Executive Officer of Abson Financial Services, said, “Gold prices have risen due to the rise in demand for safe investment after President Donald Trump’s announcement of new tariffs.” In the proposed measures, it has been said to put tariff on drug import and 100 percent tariff on films made outside the US. This has raised concerns about their possible impact on fresh trade stress and global growth.
Silver price also boom
According to the bullion association, silver prices also rose by Rs 1800 to Rs 98,500 per kg today. According to experts, the market participants will be focused on the results of the US Federal Reserve meeting on Wednesday and the statement of Federal Reserve Chairman Jerom Powell. At the global level, the spot gold rose $ 45.65, or 1.37 percent to $ 3,379.77 an ounce.
India-Pakistan tension is also a big reason
Soumil Gandhi, Senior Commodity Analyst at HDFC Securities, said, “Gold re -achieved $ 3350 levels on Tuesday. Russia-Ukraine War, the conflict in West Asia and the geopolitical concerns arising from the fresh tension between India and Pakistan, the safe investment flow supported precious metals for the second consecutive day, leading to a boom in precious metals. In addition, the weakness in the dollar also benefits precious metals and contributes to the boom. ”Silver spotted in foreign markets increased by 1.64 percent to $ 33 an ounce.
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