Gold Prices: As expected, gold and silver rates have crossed the mark of Rs 80 thousand on Dhanteras. On Tuesday, due to heavy demand from jewelers and retailers, gold became costlier by Rs 300 to Rs 81,400 per 10 grams and silver by Rs 200 to Rs 99,700 per kg. With the increase in industrial demand for silver, the demand for coins has also increased. Buying gold and silver on Dhanteras is considered very auspicious. Due to this, purchasing has increased across the country.
Traders are buying more silver coins
According to All India Sarafa Association, there has been a huge surge in demand on Dhanteras in the national capital Delhi. Traders say that they are buying more silver coins. Also, we are avoiding buying gold at this rate. Gold contracts for December on Multi Commodity Exchange (MCX) have increased by Rs 178 to Rs 78,744 per 10 grams. On MCX too, there was enthusiasm among buyers due to Dhanteras. On the other hand, in the jewelery market, gold is moving beyond the level of Rs 80 thousand.
Global crises strengthened the purchase of gold and silver
Silver contracts for December on MCX have also increased by Rs 786 to reach Rs 98,210 per kg. Comex Gold Future has also increased by 0.23 percent to $ 2,762.20 an ounce. Comex Silver Future has also increased by 0.95 percent to $ 34.33 an ounce. Due to many uncertainties including the presidential elections in America, investors are investing a lot in gold and silver. Even after the US Federal Reserve reduced interest rates, the thinking of investors regarding these precious metals has changed. For the last several days, the rates of gold and silver have been continuously rising. Apart from Russia and Ukraine, the purchase of gold and silver has also increased due to the ongoing conflict between Israel and Iran.
Purchase increased on Dhanteras due to exemption given in import duty
According to Vikas Singh, MD and CEO of MMTC-PAMP, the price of gold and silver is increasing on this Dhanteras due to the exemption given in import duty and purchases. Due to reduction in import duty, people are buying high purity gold products.
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