On Thursday, the price of gold and silver rose again in the national capital. Gold prices rose by Rs 481 to Rs 48,887 per 10 grams today, according to HDFC Securities. The yellow metal had closed at Rs 48,406 per 10 grams on Wednesday.
Silver becomes expensive by Rs 555
Talking about silver, today the price of silver increased by Rs 555 to Rs 63,502 per kg as against Rs 62,947 per kg in the previous trading session. In the international market, gold and silver were trading at US $ 1,841 per ounce and the US $ 24.16 per ounce, respectively.
These factors affected the price
In this context, HDFC Securities Senior Analyst (commodities) Tapan Patel said that the expectation of announcements of stimulus packages by the US and European countries made gold expensive. Also, positive news on the coronavirus epidemic vaccine has also affected prices.
The gold price was so much in the futures market
On Thursday, gold rose by Rs 420 to Rs 49,367 per 10 grams in futures trade on speculators buying fresh deals due to strong spot demand. At the Multi Commodity Exchange, gold futures delivered in February rose by Rs 420, or 0.86 percent to Rs 49,367 per 10 grams. It traded for 12,253 lots. Market analysts said the rise in gold prices was triggered by traders buying fresh deals.
Silver futures rise due to spot demand
Silver futures rose by Rs 785 to Rs 64,110 per kg. At the Multi Commodity Exchange, silver for delivery in the month of March 2021 rose by Rs 785, or 1.24 percent, to Rs 64,110 per kg, with a turnover of 11,971 lots.