Gold prices have surged to new record highs, with the price of 10 grams increasing by ₹1,100 in a single day. As of today, the price of gold in Delhi stands at ₹84,900 per 10 grams. This marks a substantial rise from ₹79,390 on January 1, reflecting an increase of ₹5,510 by the end of the month. Experts attribute the spike in prices to strong domestic buying support and global market trends.
In addition to gold, silver prices have also seen a notable increase, with the cost of one kilogram surpassing ₹95,000. The price of silver rose by ₹850 in just one day, from ₹94,150 yesterday. On the global front, the price of gold surpassed $2,800 per ounce, reaching an intraday high of $2,859.
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The depreciation of the Indian Rupee against the US Dollar has been identified as a key factor driving the rise in gold prices. Market analysts suggest that the falling value of the Rupee is contributing to the upward pressure on gold prices. In response, there are expectations that the government may increase import duties in the upcoming budget to discourage gold imports and mitigate the impact of rising prices.
With traders anticipating further price hikes, gold and silver purchases are expected to continue as individuals and businesses look to capitalize on the upward trend. The market’s response to the upcoming budget announcement will likely determine whether the prices will continue to rise or experience a correction.
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