The cost of precious metals in Delhi has seen an abrupt spike on Wednesday. Precious metal prices increased due to the festive buying spree and strong momentum in the international markets. Gold of purity 99.9% in Delhi saw an increase of ₹4,800 to ₹1,46,600 per 10 grams. Silver also witnessed a sharp rise of ₹9,000 to ₹1,93,000 per kilogram.

As per the All India Sarafa Association, this cost of gold has increased compared to Tuesday’s close of ₹141,800 (including all taxes). Silver also saw an increase to ₹193,000 from ₹184,000 per kilogram. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said that a strong performance in international markets benefited gold. Additionally, the domestic market's festive demand has picked up.

Rajiv Sharan, Head of Research, Brickwork Ratings, says that the above-mentioned improvement will give some relief to buyers who are getting ready for festivals. The fall in gold price has been around 8% since its October high. He further said that the recent correction in gold prices was mainly because of the strength in the US dollar. Higher bond yields and fading expectations of a rate cut by the Federal Reserve were also the reasons. These have motivated traders to lock in profits. On last Dhanteras, gold prices were up by about 65%, but now by just 5-7%.

In international markets, spot gold jumped $113.72, or 3%, to $4,043.93 per ounce. Gold has once again crossed the $4,000 mark. Silver also rose 4.5% to $52.03 per ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said the dollar weakened following the Democratic victory in the US midterm elections, supporting bullion.

Praveen Singh said that Democrats, who control both houses of Congress, could impose greater regulatory scrutiny on the technology sector. They could slow data center investment, potentially putting pressure on the US economy. Research analyst Jatin Trivedi, Vice President of Commodities and Currency at LKP Securities, said investors will be monitoring the dollar, US bond yields, and the Federal Reserve's policy stance. It remains to be seen whether bullion's rally can be sustained.

The cost of precious metals in Delhi has seen an abrupt spike on Wednesday. Precious metal prices increased due to the festive buying spree and strong momentum in the international markets. Gold of purity 99.9% in Delhi saw an increase of ₹4,800 to ₹1,46,600 per 10 grams. Silver also witnessed a sharp rise of ₹9,000 to ₹1,93,000 per kilogram.

As per the All India Sarafa Association, this cost of gold has increased compared to Tuesday’s close of ₹141,800 (including all taxes). Silver also saw an increase to ₹193,000 from ₹184,000 per kilogram. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said that a strong performance in international markets benefited gold. Additionally, the domestic market's festive demand has picked up.

Rajiv Sharan, Head of Research, Brickwork Ratings, says that the above-mentioned improvement will give some relief to buyers who are getting ready for festivals. The fall in gold price has been around 8% since its October high. He further said that the recent correction in gold prices was mainly because of the strength in the US dollar. Higher bond yields and fading expectations of a rate cut by the Federal Reserve were also the reasons. These have motivated traders to lock in profits. On last Dhanteras, gold prices were up by about 65%, but now by just 5-7%.

In international markets, spot gold jumped $113.72, or 3%, to $4,043.93 per ounce. Gold has once again crossed the $4,000 mark. Silver also rose 4.5% to $52.03 per ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said the dollar weakened following the Democratic victory in the US midterm elections, supporting bullion.

Praveen Singh said that Democrats, who control both houses of Congress, could impose greater regulatory scrutiny on the technology sector. They could slow data center investment, potentially putting pressure on the US economy. Research analyst Jatin Trivedi, Vice President of Commodities and Currency at LKP Securities, said investors will be monitoring the dollar, US bond yields, and the Federal Reserve's policy stance. It remains to be seen whether bullion's rally can be sustained.