The price of gold reached a new height of Rs 92,150 per 10 grams in the bullion market of the national capital Delhi on Friday in the bullion market of the national capital Delhi amidst the rise in precious metals in foreign markets. In the last trading session, gold with 99.9 percent purity closed at Rs 91,050 per 10 grams.
In the financial year 2024-25, gold prices have increased by Rs 23,730, or 35 percent on April 1 last year as compared to Rs 68,420 per 10 grams. Continuing the rise in the third consecutive session, gold with 99.5 percent purity rose Rs 1,100 to an all -time high level of Rs 91,700 per 10 grams. It closed at Rs 90,600 per 10 grams in the last market bandh.
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Senior analyst (commodity) in HDFC Securities, Soumil Gandhi said, “Gold prices continue to rise and set a new record on Friday. Gold has gained momentum due to the possibility of increasing global trade war and its impact on economic development.
Silver prices rose by Rs 1,300 and it reached a record high level of Rs 1,03,000 per kg against the closed level of Rs 1,01,700 per kg. The price of silver reached a high level of Rs 1,03,500 per kg on March 19.
Jatin Trivedi, Vice President (Jens and Mudra) of the Department of Research Analysis in LKP Securities said that business uncertainty is expected to increase with the implementation of counter -duty from April 2. On the global front, the spot gold reached a record high of $ 3,086.08 an ounce. In addition, comex gold futures reached another high level of $ 3,124.40 an ounce.
According to Kotak Securities, Comex Gold reached a record height due to increasing concerns of the futures trade war. The warning of President Trump’s vehicle import duty and the duty against the European Union and Canada stepped up the demand for safe investment.
The brokerage company said in a circular that gold prices have increased by about 8.2 percent this month due to stress globally and strong central bank procurement. Silver, spotted in the Asian trading hours, remained stable at $ 34.42 an ounce. In addition, comex silver futures rose 0.7 percent to $ 35.33 an ounce.
Traders said that the increasing uncertainty on economic results from these fees is further increasing the instability in the market. The fees are expected to increase inflation and global economic growth sluggish. This will strengthen the demand for precious metal.