As the Diwali festival is around the corner, gold prices rose by Rs 200 to hit an all-time high of Rs 78,700 per 10 gram in the national capital on Monday, boosted by steady buying by stockists and merchants, according to All India. Sarafa Association. This increase comes despite a global trend of weakening of the precious metal. Notably, gold had earlier closed at Rs 78,500 per 10 grams on Friday. Silver also saw a substantial rise, jumping Rs 500 to reach Rs 93,500 per kilogram, driven by renewed industrial demand. The metal had closed at Rs 93,000 per kg in the last trading session.
Also, gold with 99.5 per cent purity rose by Rs 600 to regain its all-time high level of Rs 78,300 per 10 grams. The price of the metal was Rs 78,100 per 10 grams. Earlier, gold prices hit a record high of Rs 78,700 per 10 grams on October 7.
Despite the weak trend abroad, the precious metal gained in the domestic market, mainly due to increased demand from jewelers, traders said. In futures trading on Multi Commodity Exchange (MCX), gold contracts for December delivery declined by Rs 207 or 0.27 per cent to trade at Rs 76,100 per 10 gram.
Gold in international markets
In international markets, gold on Comex is trading 0.25 percent lower at $2,669.50 an ounce. “Gold resumed trading on a weaker note on Monday, pressured by the strength in the US dollar and Treasury yields,” said Saumil Gandhi, senior commodities analyst at HDFC Securities. Apart from this, the long sell-off by short-term traders also had a negative impact on gold prices, with money managers reducing their net bullish bets on gold to their lowest level in eight weeks, Gandhi added. . Silver fell 1.17 percent to $31.39 an ounce in Asian markets.
(With input from PTI)
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