New Delhi: Gold price on Thursday, November 11, increased by Rs 883 to Rs 48,218 per 10 gram in the national capital Delhi. Gold prices have recently increased in accordance with firm global trends and rupee depreciation, according to HDFC Securities.
On Wednesday, gold prices had settled at Rs 47,335 per 10 grams. On the other hand, silver prices increased by Rs 1,890 to Rs 65,190 per kilogram from Rs 63,300 per kilogram in the previous trade on November 10.
Meanwhile, On Multi Commodity Exchange, gold futures for December jumped 0.9% to Rs 49,292 per 10 gram, nearly to a nine-month high.
One of the major reasons behind the rally of precious prices such as gold and silver is the rupee’s depreciation. On Thursday, the rupee depreciated by 18 paise to end at 74.52 (provisional) against the US currency on Thursday.
In the international market, gold traded higher at USD 1,856 per ounce while silver was flat at USD 24.89 per ounce. "Gold prices traded up with spot gold prices at COMEX trading 0.40 per cent up at USD 1,856 per ounce on Thursday," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel. Also Read: Veranda Learning IPO: Online education platform files Rs 200-crore IPO papers with SEBI
Another reason why gold prices are increasing is the rising inflation in key global markets such as the US and China. The inflation is triggering investors to buy invest in safe assets such as precious metals. Also Read: Man hires woman to slap him every time he opens Facebook, check Elon Musk’s reaction
- With PTI inputs.
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