There was a huge jump in the price of gold, gold became expensive again today
Amid a firm global trend, gold rose by Rs 590 to Rs 61,040 per 10 grams in the Delhi bullion market on Wednesday. In the previous trade, gold had closed at Rs 60,450 per 10 grams. Silver also gained Rs 420 to Rs 75,070 per kg.
In the overseas market, gold and silver were trading higher at $1,997.8 an ounce and $24.95 an ounce, respectively. Gold prices traded in the positive zone in Asian trading hours on Wednesday. Let us tell you that gold was trading softly in the morning session.
Gold rate in futures trading
Gold on Wednesday fell by Rs 10 to Rs 60,251 per 10 grams in futures trade as traders reduced the size of deals. On the Multi Commodity Exchange, gold contracts for delivery in June traded lower by Rs 10, or 0.02 per cent, at Rs 60,251 in a business turnover of 15,437 lots.
Analysts attributed the fall in gold prices to off-loading of positions by traders. Globally, gold was trading higher by 0.14 per cent at $2,007.30 an ounce in New York. Silver futures rose by Rs 86 to Rs 74,349 per kg.
How gold prices change
Gold prices are affected by a variety of factors, including the economic outlook, inflation, interest rates, the movement of the dollar and the risk appetite of investors. As the global economic outlook is gloomy, it will support gold prices. However, gold prices may see some pressure with US Fed holding back on rate hike.
The dollar is the driving force behind gold prices internationally, so when the dollar rises it makes gold costlier and affects its demand and sales potential.
Silver price increased
Silver prices on Wednesday rose by Rs 86 to Rs 74,349 per kg in futures trade as traders widened their holdings amid strong demand in the spot market. On the Multi Commodity Exchange, silver for delivery in May rose by Rs 86, or 0.12 per cent, to Rs 74,349 per kg. Till the time of writing the news, it was traded for 6,672 lots.
Analysts attributed the rise in silver prices to fresh buying by traders amid a positive trend in the market. Globally, silver traded higher by 0.75 per cent at USD 25.28 an ounce in New York.
Where is the price of gold today
- 10 grams of 24 carat gold in Delhi is Rs 61,190.
- In Jaipur, 10 grams of 24 carat gold is being sold for Rs.61,190.
- Gold price in Patna is Rs.61,100 for 10 grams of 24K.
- Gold price in Kolkata is Rs.61,040 for 10 grams of 24K.
- In Mumbai, 10 grams of 24 carat gold is being sold at 61,040.
- 61,100 for 10 grams of 24K gold in Bangalore.
- 24 carat 10 gram gold price in Hyderabad is Rs 61,040.
- Gold price in Chandigarh is Rs.61,190.
- 24 carat gold rate in Lucknow is Rs 61,190 for 10 grams.
