Even before the beginning of the wedding season, a stormy rise is being seen in the gold rate. Gold rate is increasing rapidly in the bullion market. In just 7 trading days, gold has become costlier by Rs 4580, while the price of silver has increased by Rs 7973. On Tuesday, the average rate of gold across the country closed at all time high of Rs 71832 per 10 grams and silver at Rs 82100 per kg.
Gold and silver prices continued to rise on Wednesday also. There is a huge rise in the prices of gold and silver for the third consecutive day. Today 24K gold opened at ₹ 7205 per 10 grams, while the price of 1kg silver was ₹ 82468. Gold and silver prices were trading at all time high (Silver-Gold Rate on All Time High) level. On Tuesday, the price of gold in Delhi was up by Rs 140 at Rs 71,840 per 10 grams, whereas on Monday, gold closed at Rs 71,700 per 10 grams.
Silver at Rs 84,500 in Delhi
Due to the huge increase in gold rate in the last three days, the yellow metal has become expensive even before the start of the wedding season. Gold prices have increased by Rs 4580 per 10 grams in seven days. Talking about the price of silver in Delhi, it is at a new record of Rs 84,500 per kg, whereas on Monday, for the first time, silver had crossed the level of Rs 84,000.
Why did the prices of gold and silver rise so much?
HDFC Securities expert Saumil Gandhi said that there are signs of strength in foreign markets, due to which its effect is being seen in India also. The spot price of 24 carat gold in Delhi markets has reached a new record of ₹ 7205 per 10 grams, which was about Rs 300 more than the previous closing price. The gold rate in the global market was at $2,350 per ounce.
When will gold cross Rs 1 lakh?
Muthoot Finance has given a target regarding gold rate. He has said that this rise in the price of gold will continue further and by the year 2029, the price of gold will cross Rs 1 lakh and become Rs 1,01,786 per 10 grams. In the year 2028, the gold price will be Rs 92,739 and in the year 2030, the gold price will be Rs 1,11,679 per 10 grams.
