Gold Prices At Record High: Due to strong signals from the international market, gold prices have reached a new record high. The price of gold has crossed Rs 63,000 per 10 grams and reached the level of Rs 63,500 per 10 grams. In the last trading session, gold had closed at the level of Rs 62,750 per 10 grams.
On this rise in gold prices, Saumil Gandhi, Senior Analyst (Commodity) at HDFC Securities said, ‘‘ Due to the bullish trend in foreign markets, gold prices in Delhi NCR region rose by Rs 750 on Wednesday to reach a historic high of Rs 63,500 per 10 grams. In futures trading on MCX also, the price of gold reached $2,041 per ounce. In the last trading session, the price was 2014 dollars per ounce.
Not only gold but also silver prices are witnessing a sharp rise. The price of silver in the bullion market has increased by Rs 800 to Rs 79,000 per kg. Whereas in the international market the price of silver has reached $24.95 per ounce. Saumil Gandhi said that apart from the weakening of the dollar, there are now indications from the Federal Reserve that the US Federal Reserve will start cutting interest rates from next year. This is the reason why a sharp rise is being seen in the prices of gold.
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