Vikrant Shekhawat : Oct 15, 2024, 06:00 AM
Gold Price Delhi: The wedding season is about to come, and with it the demand for gold is also increasing. But this time the budget of weddings has increased, because the prices of gold have reached record levels. Gold prices are once again skyrocketing in the country's capital Delhi, and experts believe that by Diwali these prices can reach Rs 80 thousand per 10 grams. Apart from this, silver prices are also seeing a rise.Gold prices at record level in DelhiAccording to the All India Sarafa Association, on Monday, the price of gold in Delhi rose by Rs 200 to a lifetime high of Rs 78,700 per 10 grams. Last week on Friday, this price was Rs 78,500 per 10 grams. Apart from this, gold of 99.5 percent purity rose by Rs 600 to its highest level of Rs 78,300 per 10 grams. Silver prices are also seeing a rise, rising by Rs 500 to Rs 93,500 per kg.This rise in gold prices is due to increased demand from jewelers and festivals, while gold prices have declined in global markets. Despite this, gold prices are going up due to increased demand in the domestic market.Fall in futures marketHowever, a slight decline has been recorded in gold prices in the futures market. Gold has fallen by Rs 207 or 0.27 per cent to Rs 76,100 per 10 grams on the Multi Commodity Exchange (MCX). Silver for December delivery also fell 1.01 per cent to Rs 90,761 per kg. Gold prices are also falling in international markets. Gold is trading 0.25 per cent lower at $2,669.50 an ounce on Comex, and silver fell 1.17 per cent to $31.39 an ounce in Asian markets.Experts' opinionSaumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said that gold prices are falling due to the strength of the US dollar and the pressure of treasury yields. Gandhi also pointed out that investment liquidations by short-term traders have also had a negative impact on gold. Along with this, fund managers have brought their bets on gold to an eight-week low.Kainaat Chainwala, AVP-Commodity Research, Kotak Securities, said that gold on Comex is up marginally since last week, but the strong US dollar is limiting the upside potential. The reduction in expectations of aggressive rate cuts in the market is also putting pressure on gold prices.Future prospectsGold and silver prices are likely to rise further, especially in view of Diwali and the wedding season. Experts believe that if the situation in the international markets does not improve and domestic demand continues to rise, gold prices in Delhi may soon reach Rs 80,000 per 10 grams.So, if you are planning to invest in gold, this may be the time to think carefully.