Gold price rises, silver prices jump to record high; check latest price
Geopolitical risks and Donald Trump's tariff plans boosted investment in gold. This led to a rise in gold prices again. Apart from this, the fall in the US dollar and treasury yields also supported gold prices. At the same time, silver prices have also risen to a record high due to increased demand for industrial and jewelry. Let's know the latest price of gold and silver.
Gold and silver prices fell sharply after two days of decline on Wednesday. Bullion prices jumped sharply amid strong global trends and buying by local jewelers. Silver jumped to Rs 95,800 per kg with the biggest single-day rise of Rs 5,200.
According to the All India Sarafa Association, gold of 99.9 percent purity rose by Rs 650 to Rs 78,800 per 10 grams in the national capital on Wednesday. The yellow metal had fallen by Rs 2,250 in the last two sessions. On Tuesday, it closed at Rs 78,150 per 10 grams.
Silver recorded the biggest single-day jump of Rs 5,200 after a gap of two weeks in the national capital. In the national capital, previously, the biggest jump of Rs 5,000 was recorded in the price of the metal on October 21. Silver lost Rs 2,700 in the last two days and was quoted at Rs 90,600 per kg in Tuesday's session.
According to the traders, the rise in the prices of precious metals could be related to a tense geopolitical situation in the Middle East and rising industrial and jewelry consumption in the domestic market. December delivery gold contracts, however, were trading higher by Rs 702 or 0.93% at Rs 75,913 per 10 gm in futures trading on the MCX.
Jatin Trivedi, VP Research Analyst, Commodity & Currency at LKP Securities, said, "Markets traded with strength due to geopolitical tensions and dollar volatility. The broad bullish trend in gold remains intact, but short-term uncertainty remains."
Silver futures contract for December delivery rose by Rs 280 or 0.32 percent to Rs 88,530 per kg on Wednesday from its previous close of Rs 88,250 per kg. Globally, Comex gold futures rose by $27 per ounce or 1.02 percent to $2,673.30 per ounce.
Saumil Gandhi, Senior Analyst of commodities at HDFC Securities, said, "Geopolitical risks and Donald Trump's tariff plans boosted investment in gold. This led to a revival in gold prices. Besides, a fall in the US dollar and Treasury yields also supported gold prices."
"Gold has edged higher towards $2,640 an ounce as markets focus on key macroeconomic data releases including the PCE price index, third quarter GDP revisions, and weekly unemployment claims ahead of Thursday's Thanksgiving holiday," said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.
