Gold and Silver Prices: Gold Jumps by Rs 700 to Rs 79,400, Silver Up by Rs 1,300
On Friday, gold prices in Delhi increased by Rs 700, reaching Rs 79,400 per 10 grams, while silver rose by Rs 1,300 to Rs 92,200 per kilogram. This follows a drop in silver prices on Thursday, which fell by Rs 4,900 to Rs 90,900 per kg. Here’s an update on the current bullion market situation.
According to the All India Bullion Association, gold prices saw a significant rise due to fresh buying by jewelers and a strong trend in international markets. On Thursday, gold closed at Rs 78,700 per 10 grams. The price of 99.5% purity gold also climbed by Rs 700 to Rs 79,000, up from Rs 78,300 per 10 grams on Thursday.
Market analysts attributed the rise in gold prices to a positive international trend and stronger domestic demand. The gold contract for December delivery on the Multi Commodity Exchange (MCX) rose by Rs 602, or 0.79%, reaching Rs 76,326 per 10 grams.
Jatin Trivedi, Vice President of Commodity and Currency at LKP Securities, stated that “Gold traded positively on MCX due to safe-haven demand amid ongoing geopolitical concerns.”
Meanwhile, silver prices increased by Rs 1,049, or 1.19%, to Rs 89,051 per kg for the December delivery contract. Globally, Comex gold futures rose by $20.60 an ounce, or 0.77%, to $2,685.40 an ounce.
Saumil Gandhi, Senior Analyst at HDFC Securities, noted, “Gold saw a slight increase due to safe-haven buying and expectations that the US Federal Reserve may continue cutting interest rates in December. However, inflation data has been slightly higher this week.” Silver also gained 1.94% to $31.15 an ounce in the Asian market.
Praveen Singh, Associate VP at Mirae Asset Sharekhan, added, “Spot gold corrected for the fourth consecutive day on Friday, with geopolitical concerns continuing to support the metal.”
Singh pointed out that after Ukraine’s energy infrastructure was targeted by missile and drone attacks on Thursday, Russian President Vladimir Putin warned that Russia could target Ukraine with nuclear-capable ballistic missiles. This has led to an increase in investment in gold. According to Chintan Mehta, CEO of Abans Holdings, speculation about potential new US tariffs has further fueled gold’s rally. Amid growing uncertainties, the outlook for gold remains strong.
Markets are closely monitoring the rising tensions between Ukraine and Russia and are awaiting the US manufacturing PMI data on Monday. Mehta also noted that key addresses from Federal Reserve officials, including Chairman Jerome Powell, are expected to draw attention as the market anticipates the December interest rate decision.
