The price of gold has reached a historic high in the Delhi bullion market, with yellow metal prices hitting new records. As of Saturday, gold stood at a remarkable Rs 84,900 per 10 grams, marking a significant peak. The price of 99.9% pure gold saw a sharp increase of Rs 1,100 from Friday, continuing its upward trajectory for the third consecutive trading session, primarily due to rising domestic demand.
Gold Prices Soar: A 7% Increase in Just One Month
The period between January 1 and February 1 has witnessed a substantial rise in the price of gold. Over the course of just one month, gold prices have surged by Rs 5,510, a rise of about 7%. The price per 10 grams jumped from Rs 79,390 to Rs 84,900. Meanwhile, gold with 99.5% purity has maintained its highest value at Rs 84,500 per 10 grams, indicating consistent demand at elevated levels.
Silver Prices Also See Significant Gains
In addition to gold, the price of silver has also seen an upward movement. For the past four days, silver prices have been climbing steadily, driven by purchases from industrial units and coin manufacturers. As of Saturday, silver prices rose by Rs 700, reaching Rs 95,700 per kilogram. This marks a significant increase from Friday’s price of Rs 95,000 per kg, bringing the total gain in the last four sessions to Rs 2,700.
What’s Driving the Price Surge in Gold and Silver?
Several factors are contributing to the remarkable rise in the prices of gold and silver. One of the key drivers is the surge in the global spot price of gold, which has crossed the $2,800 per ounce mark. This global price increase has been mirrored in domestic markets, driving up demand. Additionally, investor interest ahead of the Union Budget for the financial year 2025-26 and the effects of the US Federal Reserve’s interest rate policy are also influencing the rise in gold and silver prices.
Gold Hits Record High in Futures Trading
Gold prices in futures trading have also surged to new heights. On Saturday, during early trading on the Multi Commodity Exchange, the price of gold reached Rs 83,360 per 10 grams. This was another record for the yellow metal in futures trading, reflecting the strong spot demand. However, as the day progressed, the price saw a dip of Rs 1,127, settling at Rs 82,233 per 10 grams. The April expiry contract for gold stood at Rs 82,600 per 10 grams, showing a slight pullback but still maintaining high values.
As gold and silver continue to shine in the market, investors and consumers alike are closely monitoring their movements, with many speculating on how long this upward trend will last.