Gold jumped by Rs 350 to Rs 79,200 per 10 grams, silver rose by Rs 900
Gold Silver Price: According to the All India Bullion Association, gold rose by Rs 350 to Rs 79,200 per 10 grams in Delhi-NCR on Friday due to continuous buying by jewelers and a fall in the rupee. Silver also rose by Rs 900 to Rs 91,700 per kg with a rise for the fourth consecutive trading session. Let's know the full condition of the bullion market.
According to the All India Bullion Association, gold rose by Rs 350 to Rs 79,200 per 10 grams in Delhi-NCR on Friday due to continuous buying by jewelers and a fall in the rupee. Traders said that rising geopolitical tensions due to the Russia-Ukraine war and tensions in the Middle East have also strengthened this safe-haven asset. The yellow metal closed at Rs 78,850 per 10 grams on Thursday.
Silver also rose by Rs 900 to Rs 91,700 per kg, rising for the fourth consecutive trading session. Silver has risen by Rs 3,550 per kg in the last four trading sessions during the holiday-shortened week. Gold of 99.5% purity rose by Rs 350 to Rs 78,800 per 10 grams, while its closing price on Thursday was Rs 78,450 per 10 grams.
According to traders, weakness in the rupee has increased demand for safe assets like gold. The rupee fell to its all-time low of 85.80, its biggest fall in nearly two years, after which it recovered some losses due to suspected central bank intervention, and on Friday the rupee closed at a record low of 85.50 (provisional), down 23 paise against the US dollar on a strong dollar amid month-end demand from banks and importers.
The gold contract for the month of February delivery was down Rs 56 or 0.07% at Rs 76,771 per 10 grams in futures trading on the Multi Commodity Exchange (MCX). Silver contract for the month of March delivery traded down by Rs 27 or 0.03 percent at Rs 89,609 per kg in futures trading on the commodity exchange.
Comex gold was reduced by $13.70 a troy ounce or 0.52% to $2,640.20 an ounce in the Asian market. Gold prices inducted losses in global markets in response to low trading coming after the Christmas holidays, said Manav Modi analyst commodity research at Motilal Oswal Financial Services. The market is looking at major policy changes including tariffs, regulation, and tax changes in 2025. Investors are also keeping an eye on whether Donald Trump will return to the White House in January. In global markets, Comex silver futures fell by 0.74% to $30.17 per ounce.
