New Delhi: A huge rise is being seen in the price of gold before Diwali. In the international market, gold reached above $ 2,700 an ounce on Friday. The presidential elections in America and the ongoing tension in the Middle East attracted investors towards gold. Due to this, spot gold rose by about one percent during trading to $ 2,720 an ounce, while futures rose by 0.9 percent to $ 2,732. This week, the price of gold in America has increased by two percent. The price of gold has increased by 30 percent this year. Experts say that apart from the ongoing concerns in the Middle East, American elections are also approaching. This looks to be a very closely contested election. This is why there is uncertainty about who will win these elections. In times of uncertainty, sleep is often the best option. Experts say that in the next 12 months, gold prices may increase to $ 2,941 per ounce.
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condition of domestic market
Due to strong demand during festivals, gold rose by Rs 550 to reach a record high of Rs 79,900 per 10 grams in the bullion market of the national capital on Friday. All India Bullion Association has given this information. In the last trading session on Thursday, gold of 99.9% purity had closed at Rs 79,350 per 10 grams. For the third consecutive day, gold of 99.5 percent purity rose by Rs 550 to reach a new high of Rs 79,500 per 10 grams. In the previous session, it had closed at Rs 78,950 per 10 grams.
Meanwhile, silver jumped by Rs 1,000 to Rs 94,500 per kg. On Thursday, silver was stable at Rs 93,500 per kg. In futures trade, the price of gold for December delivery stood at Rs 77,620 per 10 grams on the Multi Commodity Exchange (MCX). During trading, gold futures had reached an all-time high of Rs 77,667 per 10 grams. On MCX, silver for December delivery rose by Rs 1,231, or 1.34 per cent, to Rs 92,975 per kg.