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PratapDarpan > Blog > Buisness > Market Insight > Gold rose by Rs 300 to Rs 81,400 per 10 grams on Dhanteras
Market Insight

Gold rose by Rs 300 to Rs 81,400 per 10 grams on Dhanteras

PratapDarpan
Last updated: 29 October 2024 18:40
PratapDarpan
7 months ago
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Gold rose by Rs 300 to Rs 81,400 per 10 grams on Dhanteras
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According to the All India Sarafa Association, gold prices in the national capital on Tuesday rose by Rs 300 to Rs 10 per 10 grams due to heavy Dhanteras demand from jewelers and retailers. 81,400. Due to increasing demand by industrial units and coin makers, silver rose to Rs. 200 increased to Rs. 99,700 per kg was reached. In the previous close on Monday, it was Rs. 99,500 per kg was closed.

Traders said they are opting for silver coins for token purchases, bypassing traditional gold purchases at current levels.

Additionally, gold of 99.5 percent purity at Rs. 300 to Rs. 81,000 per 10 gm was close to an all-time high.

On Monday, the precious metal of 99.9 per cent and 99.5 per cent purity was priced at Rs. 81,100 and Rs. 80,700 per 10 gm.

In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery traded at Rs. 178 or 0.23 percent to Rs. 78,744 per 10 grams.

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    “Gold prices remained positive on MCX, with Dhanteras adding enthusiasm for long positions. There was more buying on this auspicious day, which pushed prices higher on MCX and the physical jewelery market traded above Rs 80,000,” Jatin Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.

    Silver contract for December delivery on MCX at Rs. 786 or a rise of 0.81 percent to Rs. 98,210 per kg.

    Globally, Comex gold futures rose 0.23 percent to USD 2,762.20 an ounce.

    “Gold moved to a record high in European trading hours on Tuesday amid concerns over the US presidential election and a escalating US debt crisis, fueling safe-haven demand, which is driving inflows into the precious metals,” said Saumil Gandhi, senior analyst. – HDFC’s Commodities Securities said.

    According to Pranav Mer, VP – Research (Commodity & Currencies) BlinkX and JM Financial, gold has continued to trade positively with buying seen in each minor correction in the last three trading sessions.

    The focus this week will be on the outcome of the US presidential election and the Federal Reserve’s monetary policy next week, Mayer said.

    “The ongoing war between Russia and Ukraine, geopolitical tensions in the Middle East and a significant 50 basis point rate cut by the Fed have traders flocking to the safe-haven asset — the biggest in four years — fueling the appeal of the precious metal,” Devya Gagalani, Research Analyst – Commodities, Axis Securities, said.

    Comex silver futures traded up 0.95 percent at USD 34.33 an ounce in Asian market hours.

    This week, Manav Modi, senior analyst, will focus on the manufacturing PMI for key economies such as US GDP, inflation, consumer confidence and job market data that will provide more insight into the path of the US Federal Reserve’s future monetary policy interest rate. Commodity Research, Motilal Oswal Financial Services Ltd.

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