Gold rate today: On one hand, the period of decline in the stock market continues. On the other hand, gold prices continued to rise for the fifth consecutive day today. In the bullion market of the national capital, the price of gold continued to rise for the fifth consecutive trading session on Monday and today its price increased by Rs 110 to Rs 80,660 per 10 grams. All India Bullion Association has given this information. In the last session, gold price had closed at Rs 80,550 per 10 grams. In the last five trading sessions, the price of gold has increased by Rs 1,660 to Rs 80,660 per 10 grams. The price of gold of 99.5 per cent purity rose by Rs 110 to Rs 80,260 per 10 grams, while its previous closing price was Rs 80,150 per 10 grams.
There was no change in the price of silver
However, on Monday, silver remained steady at Rs 93,000 per kg for the second consecutive session. At the same time, due to increased bets by traders, silver prices rose by Rs 304 to Rs 92,202 per kg in futures trade on Monday. On the Multi Commodity Exchange (MCE), the price of silver contract for delivery in March rose by Rs 304, or 0.33 percent, to Rs 92,202 per kg. A total of 20,729 lots were traded in this. Analysts said silver prices rose due to fresh deals made by traders.
Due to this the price of gold increased
Jatin Trivedi, vice president research analyst (commodity and currency) at LKP Securities, said gold prices rose due to weakening of the rupee to 86.61. Crude oil prices rose due to new sanctions imposed on Russia by US President Joe Biden, increasing geopolitical tensions. On Monday, the rupee closed at a historic low of 86.62 (provisional) against the dollar, its biggest single-day fall in nearly two years. The rupee fell by 58 paise to close at a historic low of 86.62 (provisional) against the dollar due to strengthening of the US currency and rise in crude oil prices.
There was a rise in global markets also
Trivedi said the fall in the rupee supported gold prices in the domestic market, which increased the impact of global cues. In international markets, Comex gold futures fell $10.70 an ounce to $2,704.30 an ounce. Spot gold prices are stable after rising 1.95 per cent last week, said Saumil Gandhi, senior analyst-commodity at HDFC Securities. Inflation fears have led to a surge in prices. In the Asian market, Comex silver futures were trading 1.4 percent lower at $ 30.88 an ounce.
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