New Delhi: There has been a strong rise in the prices of gold in Delhi bullion market. On Friday, gold jumped by Rs 1,100 to Rs 84,400 per 10 grams. These prices are the highest in the last two weeks. The demand for gold has increased due to the wedding season. This has led to a rise in the prices of yellow metals. All India Bullion Association said that this increase in the price of gold is due to more purchases for weddings. Earlier, the price of gold of 99.9 percent purity was Rs 79,300 per 10 grams. Due to buying by jewelers and retailers due to wedding interest, the price of gold in the bullion market of the national capital jumped by Rs 1,100 to a two-week high of Rs 84,400 per 10 grams. Silver price also increased by Rs 300 to close at Rs 93,300 per kg. In the last trading session, silver had closed at Rs 93,000 per kg.
Strong rise for the second consecutive day
According to the Bullion Association, the price of gold of 99.5 percent purity has increased by Rs 1,100. With this, registering a rise for the second consecutive day, it reached Rs 80,000 per 10 grams. On Thursday, the price of gold closed at Rs 78,900 per 10 grams.
Jatin Trivedi, Vice President and Research Analyst (Commodity and Currency), LKP Securities, said, ‘The bullish trend continues with gold regaining its lost position.’
Prices increased in the international market also
Internationally, gold futures in the commodity market increased by $ 36 an ounce to $ 2,735.30 an ounce.
Saumil Gandhi, senior analyst (commodities), HDFC Securities, said gold traders ignored the dollar’s strength amid rising tensions between Russia and Ukraine. Due to this, safe investment flow towards gold and silver is increasing.
In the Asian market, silver rose by 1.42 percent to $ 31.83 an ounce.
How do global economic indicators impact the gold market in India?
Interview Between Time.news Editor and Gold Market Expert
Time.news Editor: Good day, and welcome to Time.news. Today, we are diving into the fascinating dynamics of the gold market as we see a significant rise in prices recently, hitting Rs 84,400 per 10 grams in the Delhi bullion market. Joining us today is Dr. Sunil Menon, a market analyst and gold expert. Dr. Menon, thank you for being here.
Dr. Sunil Menon: Thank you for having me! It’s great to discuss a topic that is so relevant to many right now.
Editor: Absolutely! Let’s start with the recent price surge. We saw an increase of Rs 1,100 in just one day—what are the primary factors driving this sudden spike?
Dr. Menon: The sharp increase we’re witnessing can be attributed to a couple of critical factors. Firstly, we’re in the wedding season, which traditionally sees a surge in gold demand. Weddings in India are often marked by significant purchases of gold jewelry, which drives up demand. Secondly, there could be broader market sentiments that involve fluctuations in international gold prices, which can also have a downstream effect on local bullion markets.
Editor: Wedding season—the time when every bride’s dream includes shimmering gold jewelry! How significant is this period in terms of gold consumption in India?
Dr. Menon: It’s incredibly significant. India is one of the largest consumers of gold in the world, and the wedding season contributes a substantial percentage of annual consumption. Many families specifically save for these occasions, knowing that gold is both a cultural symbol and a financial investment. During this time, the demand can outstrip the supply, resulting in higher prices.
Editor: With prices reaching their highest in the last two weeks, how do you foresee this trend progressing as we move through the wedding season?
Dr. Menon: While it’s tough to predict with precision, the demand is expected to remain robust as more weddings take place. However, if the supply can’t keep pace—due to factors such as restrictions, import duties, or market conditions—prices may continue to rise. Conversely, if there are disruptions in demand as the season wanes, we could see a softening in prices.
Editor: What should consumers keep in mind if they are considering making a purchase during this period?
Dr. Menon: Consumers should consider their budget and wait for the right time to buy. Timing the market can be tricky, but being aware of peak seasons and understanding the potential for price fluctuations may help them make more informed decisions. It’s also wise to look for reputable sellers to ensure quality is not compromised.
Editor: That’s valuable advice! Lastly, Dr. Menon, beyond the wedding season, what broader trends should we be watching in the gold market in India?
Dr. Menon: Certainly! It’s essential to keep an eye on global economic indicators, such as interest rates and inflation, as they can influence gold prices significantly. Additionally, the evolving trends in the Indian economy, such as shifts in consumer behavior or investment patterns, can also lead to changes in gold demand.
Editor: Thank you, Dr. Menon, for shedding light on the current state of the gold market and the factors influencing pricing. It’s always enlightening to have your insights.
Dr. Menon: Thank you for the opportunity! It’s been a pleasure discussing these important trends with you.
Editor: And thank you to our audience for tuning in! Stay informed with Time.news as we continue to cover global economic trends affecting your world.