Gold Price: Demand for gold and silver increased during the wedding season, know how much the price has increased
There has been a sharp rise in the prices of gold and silver today. The demand for both precious metals for jewellery has increased during the wedding season. Also, due to global uncertainty, investors are turning to gold which is considered the safest investment. However, the price of gold has fallen in the global market. Let us know the latest price of gold and silver.
Staff Editor 
Gold and silver prices have once again seen a rise. According to the All India Sarafa Association, prices have risen due to fresh purchases by local jewelers and retailers for wedding festivals.
On Friday, the price of gold in the national capital rose by Rs 500 to Rs 80,000. On Thursday, gold of 99.9 percent purity closed at Rs 79,500 per 10 grams with a decline. Silver also jumped by Rs 800 to Rs 94,600 per kg, while its price closed at Rs 93,800 per kg on the previous day.
Why did the price of gold and silver increase?
Traders say that the demand of local jewelers has increased for the wedding season. Also, due to the fall in the rupee against the US dollar, investors are betting on gold as a safe investment. This saw a rise in gold prices.
Gold contracts for December delivery were trading lower by Rs 198 or 0.26 per cent at Rs 77,213 per 10 grams in futures trading on the Multi Commodity Exchange (MCX).
What is the expert's opinion
Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said, "Gold remained weak amid strength in the dollar index and the Federal Reserve (Fed) policy announcement, which was in line with expectations of a rate cut of 0.25 per cent."
There was no new reason to support gold prices due to the Fed's outlook and inflation moving towards the 2 per cent target. Trivedi says that profit booking in gold continued after Donald Trump's election victory.
Gold weak in foreign market
Silver contracts for December delivery fell by Rs 630 or 0.68 per cent to Rs 91,683 per kg. In the Asian market, Comex gold futures fell by $10 an ounce or 0.37 percent to $2,695.70 an ounce.
According to commodity experts, gold prices fell below the $2,700 level on Friday due to the strength in the US dollar. On Thursday, the US Fed announced a cut in interest rates. This may lead to a rise in gold prices, as investors turn to gold in a low interest rate environment.
