Before the wedding season, gold and silver prices are making new records every day. Amid the strengthening trend in global markets, there was a huge rise in the price of silver in the country’s capital Delhi. In Delhi’s bullion market on Friday, silver rose by Rs 2600 to Rs 95,900 per kg, while gold gained Rs 150 per 10 grams. Let us tell you that in the last trading session it had closed at Rs 93,300 per kg. The price of gold was Rs 73,650 per 10 grams. In the last session, gold had closed at Rs 73,500 per 10 grams.
What did the expert say
Saumil Gandhi, senior commodity analyst, HDFC Securities, said – Amidst bullish signs in the foreign market, spot gold (24 carat) was trading at Rs 73,650 per 10 grams in the Delhi market, which shows a strength of Rs 150. In the international market Comex, spot gold was trading at $ 2,366 an ounce, which is six dollars more than the previous closing price. Saumil Gandhi said, “Gold traded marginally positive on Friday, supported by a soft US dollar and weak US macro-economic data. The European Central Bank kept interest rates unchanged this week amid expectations of central banks cutting borrowing costs. “This will give further direction to bullion prices.”
How far can the price go?
Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said – Gold and silver prices were supported by weakness in the dollar and sluggishness in US data. We are expecting that due to demand and weakness in dollar, gold and silver prices may move in positive direction. Gupta said that gold may soon touch the level of $2380 to $2390 and silver may touch the level of $32.
