On Dhanteras, the price of gold rises to Rs 81,400
Due to high demand, gold prices spiked to Rs 81,400 per 10 grams on Dhanteras. The price of silver increased to Rs 99,700 per kg. Learn more about the causes of the price increase. According to the All India Sarafa Association, the national capital’s gold price increased by Rs 300 to Rs 81,400 per 10 grams on Tuesday, approaching its all-time high, as a result of jewelers’ and retailers’ strong demand for Dhanteras.
Due to increasing demand from coin manufacturers and industrial entities, the price of silver rose by Rs 200 to Rs 99,700 per kilogram. At the last close on Monday, it was trading at Rs 99,500 per kg.
Traders stated that while purchasing tokens, they prefer to use silver coins rather than the more conventional ones.
In addition, 99.5% pure gold increased by Rs 300 to almost reach its highest point ever, at Rs 81,000 per 10 grams.
The price of the 99.9 and 99.5% pure precious metals closed at Rs 81,100 and Rs 80,700 per 10 grams on Monday.
Gold contracts for December delivery increased by Rs 178, or 0.23 percent, to Rs 78,744 per 10 kilos in futures trading on the Multi Commodity Exchange (MCX).
“Dhanteras added enthusiasm for long positions, and gold prices in MCX stayed positive.” This auspicious day saw more buying, which caused the prices on the MCX to rise and the physical jewelry market to trade above Rs 80,000, according to Jateen Trivedi, VP Research Analyst-Commodity and Currency at LKP Securities.
On the MCX, silver contracts for December delivery rebounded 0.81%, or Rs 786, to Rs 98,210 a kg. Comex gold futures increased by 0.23 percent to USD 2,762.20 per ounce on a global scale.
“Gold advanced toward a record in the European trading hours on Tuesday amid concerns about the US Presidential election and escalating US debt crisis continue to fuel safe-haven demand, pushing flows into the precious metal,” experts say.