In the country’s capital, Delhi, an increase in gold prices was seen after Diwali. The biggest reason for this was low prices. Due to which the price of gold increased in the international market. The impact of which was also seen in India’s bullion market. On the other hand, there has been no change in silver prices in Delhi, the capital of the country. According to experts, due to the reduction in the Iran war, the supply of crude oil will increase all over the world. Due to which inflation will decrease. Due to which the prices of gold and silver will be supported. Let us also tell you what are the prices of gold and silver in Delhi, the capital of the country?
Gold prices rise in Delhi
The bullion market in capital Delhi saw a slight improvement in gold prices on Monday. Amid weakness in crude oil prices and rally in global markets, gold rose Rs. 600 increased to Rs. 1,46,900 per 10 grams was reached. Gold of 99.9 per cent purity closed at Rs 1,46,300 per 10 grams on Friday. However, there was no change in the price of silver and it was Rs. 1,92,500 per kg remained stable. Local traders gave this information.
Saumil Gandhi, China Analyst (Commodities) at HDFC Securities said softening crude oil prices and relative stability of the US dollar supported the domestic bullion market, leading to an improvement in gold prices. According to Gaurav Garg, head of research at brokerage firm Lemon, the recent drop in gold prices in the international market spurred physical gold purchases during the Diwali festive season.
Increase in gold and silver in the international market
In the international market, spot gold rose $29.69, or about one percent, to $4,100 an ounce, while silver rose more than one percent to $52.58 an ounce. Manav Modi, commodity analyst at Motilal Oswal Financial Services Ltd, said gold prices had moved above the $4,100 an ounce level. Investors are assessing strong US jobs data, softening in Treasury bond yields and expectations of an easing of geopolitical tensions after recovering from last week’s brief decline. He said the strong labor market data raised expectations that the US Federal Reserve could maintain tight monetary policy in December or raise interest rates again.
Will gold prices rise further?
Meanwhile, political developments in the US, including Democratic Party victories in both houses of Congress, have raised hopes of curbing further increases in defense spending and debt. Apart from this, the possibility of progress towards ending the Iran conflict is also being expressed. China’s central bank continued to buy gold for the 24th consecutive month. At the same time, due to US President Donald Trump’s soft stance, crude oil prices fell. This eased inflationary concerns and provided additional support to gold.
