New Delhi: Gold and silver prices in Delhi witnessed a sharp rally on Wednesday, touching new record levels. The surge was driven by a weaker US dollar and bullish trends in global markets. Silver, in particular, recorded its third consecutive day of gains, while gold also climbed to a new peak.
Silver jumped ₹15,000 to reach ₹3,85,000 per kilogram on Wednesday. Earlier, it had risen by ₹40,500 on Tuesday. In just three sessions, silver has surged by a total of ₹65,000. Meanwhile, 99.9% pure gold rose ₹5,000 to hit a new record of ₹1,71,000 per 10 grams.
Market experts attribute the rally to global uncertainties and growing tensions, prompting investors to seek safe-haven assets such as gold and silver. HDFC Securities Senior Analyst Somil Gandhi commented, “Gold and silver continue to show strong momentum. Every day brings fresh reasons for prices to rise.”
Silver Price Trend (Delhi)
| Day | Increase | Price (₹/kg) |
|---|---|---|
| Friday | 9,500 | 3,29,500 |
| Tuesday | 40,500 | 3,70,000 |
| Wednesday | 15,000 | 3,85,000 |
Why the Rally?
The weaker US dollar had a significant impact on gold and silver prices. According to Forex.com, gold rose 1.44% or $74.57 to $5,256.35 per ounce. Globally, it even touched a record high of $5,311.38 per ounce.
Praveen Singh, Research Analyst at Mirae Asset, noted that gold has risen for eight consecutive days in the spot market. He explained that the US dollar has hit its lowest level in four years due to declining consumer confidence and slower job growth.
Silver also saw gains internationally, climbing 0.12% to $112.22 per ounce. On Monday, silver hit a record of $117.73 per ounce, up $14.42 or 14%.
According to market traders, 99.9% pure gold closed at ₹1,66,000 per 10 grams on Tuesday, while silver was priced at ₹3,70,000 per kilogram. On Friday, silver had been ₹3,29,500 per kilogram. These figures indicate the recent strong momentum in precious metals, signaling optimism for investors while also reflecting ongoing market uncertainties.
Discover more from SD NEWS agency
Subscribe to get the latest posts sent to your email.