The price of gold saw a significant increase in the national capital on Wednesday, jumping by Rs 89 to reach Rs 56,126 per 10 grams, according to HDFC Securities. This gain in gold prices comes amid a rise in the value of the precious metal globally. Silver prices also saw an increase, rising by Rs 677 to reach Rs 69,218 per kilogram.
The increase in domestic market gold prices was capped by a stronger rupee, according to an analyst at HDFC Securities. In the overseas market, gold was trading at a higher rate of USD 1,882.2 per ounce, while silver was trading at USD 23.88 per ounce.
The rise in gold and silver prices is being attributed to a combination of factors such as a weaker US dollar, economic uncertainty and ongoing stimulus measures. As a result, investors are turning to the precious metals as a safe haven asset. It is likely that prices will continue to fluctuate in the coming days, and investors should keep a close eye on the market developments.
