With the speed at which the price of gold increases, it is difficult to tell how far it will go. On Thursday, the price of gold reached an all-time high. According to HDFC Securities, a rise of Rs 850 was recorded in the price of gold on Thursday, and the price of gold per 10 grams reached Rs 70,050.
This is the second consecutive session when precious metal prices have reached all-time highs. In the last trade, gold had closed at Rs 69,200 per 10 grams.
Silver prices also increased on Thursday, which created a new record. With an increase of Rs 1000, the price of one kg of silver became Rs 81,700. In the last trading session, it closed at Rs 80,700 per kg.
Saumil Gandhi, research analyst at HDFC Securities, said, “Taking cues from the strong trend in overseas markets, the spot gold price (24 carat) in Delhi markets was trading at Rs 70,050 per 10 grams, which was higher than the previous close.” It was Rs 850 more than the price. ,
In the foreign market, Comex, spot gold was trading at $2,297 an ounce, $22 more than the previous closing price.
Gold hit another record after Federal Reserve chief Jerome Powell confirmed that an interest rate cut ‘sometime this year’ would be appropriate.
Navneet Damani, senior vice president of commodity research at Motilal Oswal Financial Services, said silver was also trading with gains at $ 27.05 an ounce. In the last session, it closed at $26.25 an ounce. “Gold is hovering near its all-time high due to weakness in the dollar amid uncertainty over US interest rate cuts, while increased demand for safe-haven options also supported prices,” he said.
