Gold prices have risen sharply in the Delhi bullion market, reaching their highest level in nearly two weeks. Silver prices have also risen for the second consecutive day, driven by expectations that the US Federal Reserve will cut interest rates.
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New Delhi: The bullion market in Delhi also witnessed the impact of the rise in international markets. On Wednesday, gold prices reached their highest level in nearly two weeks. The price of gold rose by Rs 1,200 to Rs 1,30,100 per 10 grams, according to the All India Sarafa Association. Market experts believe that this increase is due to expectations of interest rate cuts by the US Federal Reserve next month.
The price of gold with 99.5 percent purity also rose by Rs 1,200, reaching Rs 1,29,500 per 10 grams (including all taxes). Earlier, on November 13, the prices of gold with 99.9 percent and 99.5 percent purity were Rs 1,30,900 and Rs 1,30,300 per 10 grams.
What did the expert say?
“Gold prices continued their upward trend on Wednesday, hitting a two-week high amid growing expectations of a rate cut by the Federal Reserve,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities. He added, “Recent dovish comments from two Federal Reserve officials and weak US economic data have further strengthened expectations of a rate cut next month.”
Silver also gained momentum
Along with gold, silver prices also rose for the second consecutive day. On Wednesday, silver rose by Rs 2,300 to Rs 1,63,100 per kg (inclusive of all taxes).
In global markets, spot gold rose $33.50 to $4,164.30 per ounce. Meanwhile, spot silver was trading 1.71 percent higher at $52.37 per ounce in foreign markets. This increase was linked to expectations of a possible interest rate cut by the US Federal Reserve. This strengthened both gold and silver.
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