Gold Silver Rate: On the day of Sawan Shivaratri, the price of silver has broken all records. The price of one kg of silver has reached Rs 1.18 lakh per kg. Till now, all the experts believed that the price of silver would reach Rs 1.20 lakhs around Diwali, but this time the silver price has reached Rs 1.18 lakh on Sawan Shivaratri. On Wednesday, there was a tremendous jump in gold and silver prices in the major bullion markets of the country including the capital Delhi. In Delhi, the price of silver jumped at Rs 4,000 to a record level of Rs 1,18,000 per kg, while gold also reached Rs 1,01,020 per 10 grams.
What is the reason for the fast?
According to the All India Bullion Association, this fast has come mainly due to heavy purchases of stockists, boom in industrial demand and uncertainty in the global market. Analysts say the uncertainty over trade agreement in the US, dollar weakness and increasing interest in safe investment options for investors have strengthened the prices of precious metals.
Prices of Delhi
99.9% purity gold: Rs 1,01,020 per 10 grams (up to Rs 1,000)
99.5% purity gold: Rs 1,00,450 per 10 grams (up to Rs 900)
Silver: Rs 1,18,000 per kg (up to Rs 4,000)
In the last three trading sessions, silver has seen a total increase of Rs 7,500 per kg. On Tuesday too, silver was expensive by Rs 3,000 to close at Rs 1,14,000 per kg.
MCX and International Market Status
September futures silver rose by Rs 896 to Rs 1,16,551 per kg on a record level of Rs 1,16,551 per kg on the Multi Commodity Exchange (MCX). However, August futures gold fell by Rs 24 to Rs 1,00,305 per 10 grams.
In the international market, the spot gold fell 0.26% to $ 3,422.87 an ounce, while silver rose 0.26% to $ 39.39 per ounce.
Soumil Gandhi of HDFC Securities said that global uncertainty and dollar weakness have supported gold. At the same time, Jatin Trivedi of LKP Securities said that the PMI figures of the US, Britain and Europe are eyeing investors, who can decide the direction of prices in the near future.
Fast in Indore too
Gold and silver prices also increased in Indore city of Madhya Pradesh.
Gold: 950 to Rs 1,00,050 per 10 grams
Silver: 1,400 to Rs 1,16,100 per kg
Silver Coin: Rs 1,200 per nos