Delhi Gold Price Today: Gold Jumps ₹4,800 to ₹1.46 Lakh, Silver Surges ₹9,000 Ahead of Dhanteras
Gold prices in Delhi rose by ₹4,800 to ₹1.46 lakh per 10 grams, while silver jumped by ₹9,000 to ₹1.93 lakh per kilogram. Bullion prices rose due to festive buying and a strong surge in global markets. Experts offered their views on the reasons for the price rise and future trends.
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%.
