Strong comeback of gold, smile returned on investors' faces, gold rate increased

New Delhi. Taking cues from domestic demand and global trend, gold prices on Wednesday rose by Rs 350 to close at Rs 71,950 per 10 grams in the local bullion market. In the previous trading session, gold had closed at Rs 71,600 per 10 grams. On the other hand, silver prices rose by Rs 1,100 to close at Rs 85,600 per kg, All India Sarafa Association said. Its previous closing price was Rs 84,500 per kg.

Meanwhile, the price of 99.5 percent purity gold rose by Rs 350 to Rs 71,600 per ten grams. Its previous closing price was Rs 71,250 per 10 grams. Commodity market experts say that the demand for gold in the Indian markets remains high, which is due to the recent reduction in import duty and the upcoming festive season.

Also read- What will be the loss due to reduction in duty on gold, will those who buy gold bonds suffer a loss? This is the opinion of experts

Chintan Mehta, Chief Executive Officer (CEO) of Abans Holdings, said, “Participation in gold is increasing. Gold prices may improve as some participation is increasing. We believe that gold prices will rise further.”

Globally, gold is trading at $2,465.50 an ounce on Comex, up $13.60 an ounce from its previous close. Silver rose 0.58 percent to $28.69 an ounce on Comex in the international market.

Tags: Business news, Gold Rate, Silver price

FIRST PUBLISHED : July 31, 2024, 21:39 IST