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Gold Price Today: Gold and silver prices are rising rapidly once again. On Tuesday, a big jump was seen in the prices of gold and silver in the bullion market of India. The wedding season as well as the changes in the international markets are the main reasons behind this inflation.
Gold prices rise by Rs 600
The price of gold in the national capital rose by Rs 600 on Tuesday to Rs 78,050 per 10 grams. The price of gold with 99.9% purity was Rs 77,450 per 10 grams on Monday.
Impact on international markets
Comex (US gold futures) prices rose by $19.50 to $2,634.10 an ounce. Analysts say global geopolitical tensions, such as the Russia-Ukraine conflict and concerns about nuclear risks, have boosted the demand for gold.
Big jump in silver prices
Along with gold, a sharp jump was also seen in the price of silver. Silver became costlier by Rs 1,500 and reached Rs 93,500 per kg. In the last session, it had closed at Rs 92,000.
Purity and global prices
The price of silver of 99.5% purity reached $31.47 per ounce, which is an increase of 0.79%.
What is the main reason for gold and silver being expensive?
wedding season
The demand for jewelry has increased rapidly due to the wedding season in India. The purchases by locals and retailers have pushed the prices up.
Geopolitical tensions
The Russia-Ukraine conflict has created uncertainty across the world. Investors have turned to gold as a safe option.
Strong trend in international markets
Gold and silver gained strength due to a fall in the dollar and US bond yields.
Opinion of experts
Jatin Trivedi, Vice President of LKP Securities, says that geopolitical tensions and demand for safe investment have pushed the price of gold to new heights. Saumil Gandhi of HDFC Securities said that the price of gold has increased due to weakness in the dollar and bond market.
Will gold and silver become more expensive in the future?
Experts believe that if geopolitical tensions and economic uncertainty persist, gold and silver prices may rise further. At the same time, the wedding season will also support this increase.
If you are thinking of investing in gold or silver, then this time could be a golden opportunity.
