The domestic bullion market recorded an increase in the spot prices of both gold and silver on Monday. According to HDFC Securities, the price of gold has risen by Rs 238 per 10 grams. Due to this, the price of gold in the national capital Delhi has been Rs 56,122 per 10 grams. Significantly, gold had closed at Rs 55,884 per 10 gram in the previous session. The domestic futures prices of gold have also seen a spurt on Monday.
In the domestic bullion market, a sharp rise in the spot price of silver has been recorded on Monday. Silver has recorded a surge of Rs 960 per kg. With this rise, the spot price of silver has gone up to Rs 76,520 per kg. Significantly, silver had closed at Rs 75,560 per kg in the previous session.
Talking about the international market, on Monday, gold was trading marginally higher at $ 2,035 an ounce and silver was steady at $ 28.31 an ounce.
HDFC Securities senior analyst (commodities) Tapan Patel said the rise in gold prices has been limited due to the strengthening of the rupee. The Indian rupee closed at 74.90 on Monday, gaining 3 paise against a dollar due to positive trend in the domestic stock markets.
Navneet Damani, VP (commodities research), Motilal Oswal Financial Services, said, “Gold and silver strengthened as safe havens last week due to rising concerns related to the corona virus epidemic and the US-China dispute and their prices rose every single day.” New high level was seen. Now in the coming time, the price of gold on COMEX globally can be between 2025 to $ 2050 per ounce and on the domestic level gold can be seen between 54,700 to 55,400 rupees per 10 grams.