Gold Price at Record High: Rise in gold and silver prices, know the latest rate and reason for the increase
Gold Price at Record High: There is a tremendous rise in the prices of gold and silver. Gold has crossed Rs 88,000 per 10 grams, while silver has reached Rs 98,000 per kg. The major reason for this jump is believed to be the ongoing boom in the global market.
Why are gold and silver making new records?
For some time now, the prices of gold and silver have been increasing continuously, making it difficult for the common man to buy them. Experts say that the rise in the international market is also having a direct impact on the Indian market, due to which gold and silver are becoming expensive.
According to the All India Sarafa Sangh, gold became costlier by Rs 140 in the bullion market of Delhi to reach Rs 88,100 per 10 grams, which is the highest level till date. Earlier, gold of 99.9% purity closed at Rs 87,960 per 10 grams. At the same time, the price of gold of 99.5% purity has increased by Rs 140 to Rs 87,700 per 10 grams.
Silver also close to Rs 1 lakh
Silver prices are also seeing a steady rise. In the last trading session, silver closed at Rs 97,200 per kg, but now it has increased by Rs 800 to Rs 98,000 per kg. Experts say that if this pace continues, then soon silver can cross the figure of Rs 1 lakh per kg.
What are the experts saying?
According to Saumil Gandhi, senior analyst at HDFC Securities, “Gold has recently recovered from its low level. Due to some decisions taken by President Trump in the US, investors’ inclination has increased towards safe investment i.e. gold. This is why its prices are seeing a jump.”
Eyes on the Federal Reserve
LKP Securities analyst Jatin Trivedi says that despite no significant change in the US Consumer Price Index (CPI), gold prices are rising. The market hopes that the Federal Reserve may cut interest rates, which will further strengthen gold prices.
What can happen next?
Market experts believe that if the fluctuations in the global market continue in the coming days, gold may touch the figure of Rs 90,000 per 10 grams and silver may cross Rs 1 lakh per kg. Investors are being advised to keep an eye on the market movement and not take any major decision in haste.
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