Gold Prices Jump ₹1,080 per 10 grams
In a sudden turn of events, gold prices in Delhi witnessed a significant surge on Friday, according to the All India Sarafa Association. The precious metal of 99.9% purity jumped ₹1,080 to ₹96,800 per 10 grams, marking a significant gain from the previous day’s close.
On Thursday, gold prices had plummeted ₹2,830 to ₹95,720 per 10 grams, indicating a volatile market. However, the latest surge has brought relief to investors and traders who had been waiting for a rebound.
The All India Sarafa Association, a body that represents the gold industry in India, tracks prices in Delhi, which is considered a benchmark for the entire country. The association’s data shows that gold prices have been volatile in recent days, with prices plummeting by ₹2,830 on Thursday before bouncing back by ₹1,080 on Friday.
Gold prices have been under pressure in recent months due to a decline in demand and a strong US dollar. However, the latest surge could be attributed to a combination of factors, including a decline in gold supplies and increased demand from investors and jewelers.
Silver Prices Also Surge
In addition to gold, silver prices also jumped significantly on Friday, rising by ₹1,600 to ₹97,100 per kg. This marks a significant gain from the previous close, which had tanked by ₹2,500 to ₹95,500 per kg.
The surge in silver prices could be attributed to a combination of factors, including increased demand from industrial users and a decline in supplies. Silver is widely used in various industrial applications, including solar panels, electronics, and medical equipment, which has driven up demand.
Market Trends and Analysis
The latest surge in gold and silver prices comes after a period of volatility in the market. In recent weeks, prices had been declining due to a combination of factors, including a strong US dollar and a decline in demand.
However, the latest surge could be a sign of a turnaround in the market. The Reserve Bank of India’s (RBI) decision to cut interest rates could also have contributed to the surge in prices, as lower interest rates make gold and silver more attractive to investors.
Additionally, the Indian government’s decision to reduce import duties on gold could also have contributed to the surge in prices. The reduced duties are expected to make gold more affordable for consumers and could drive up demand.
Conclusion
In conclusion, the latest surge in gold and silver prices is a significant development in the market. The prices have been volatile in recent days, with prices plummeting by ₹2,830 on Thursday before bouncing back by ₹1,080 on Friday.
The surge in prices could be attributed to a combination of factors, including a decline in gold supplies, increased demand from investors and jewelers, and a strong US dollar. The Reserve Bank of India’s decision to cut interest rates and the Indian government’s decision to reduce import duties on gold could also have contributed to the surge in prices.
As the market continues to evolve, it will be interesting to see how prices react to the latest developments. One thing is certain, however – the latest surge in gold and silver prices has brought relief to investors and traders who had been waiting for a rebound.
Source:
https://repository.inshorts.com/articles/en/PTI/269149f4-0a5d-4c0b-ac47-63863260bb24
