Jump in gold price: Rs 250 hike pushes 10 grams to Rs 78,700 in India
By Team Asianet Newsable | First Published Oct 7, 2024, 6:30 PM ISTInfluenced by the global market, the price of gold in India surged by 250 rupees on Monday, reaching an all-time high of 78,700 rupees per 10 grams.
Influenced by the global market, the price of gold in India surged by 250 rupees on Monday, reaching an all-time high of 78,700 rupees per 10 grams. Until Friday, this precious metal's price was 78,450 rupees per 10 grams. However, it has increased significantly in one go this time. This price increase is mainly due to buying support and strong trends in the foreign market.
However, according to the All India Sarafa Association, the price of silver per kg decreased by 200 rupees from 94,200 rupees to 94,000 rupees on Friday. Meanwhile, the price of 99.5 percent pure gold has increased by 200 rupees to touch an all-time high of 78,300 rupees per 10 grams.
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Last season, this yellow metal closed at Rs 78,100 per 10 grams. Traders have blamed the increase in the price of gold on the increase in domestic demand from stockists and retailers.
Apart from this, many believe that the fall in the equity market is also responsible for the rise in the price of gold. Because, investors have moved towards safe assets like gold.
During Asian trading hours, COMEX gold was trading at USD 2,671.50 an ounce, up 0.14 percent. “COMEX gold remains steady due to aggressive interest rate cuts by the US Federal Reserve counter safe-haven demand and tempered expectations amid ongoing tensions in the Middle East.”
Kayanat Chainwala, AVP-Commodity Research, Kotak Securities, said, “With caution ahead of the upcoming US inflation, gold prices managed to trade in a narrow range.”
On the other hand, the price of silver in the international market fell by 0.61 percent to USD 32.20 an ounce. Traders have lowered expectations of a 50 basis point rate cut in November. Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Limited, said, “Rising tensions in the Middle East are increasing the risk premium for bullion prices.”
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