Current Gold Prices and Market Trends
Gold Price Today: The price of gold has seen a significant increase in the bullion market, particularly in Delhi, where it rose by Rs 700 on Friday, reaching Rs 76,350 per 10 grams. In the previous trading session on Thursday, the gold of 99.9% purity closed at Rs 75,650 per 10 grams. Interestingly, the price of silver remained unchanged at Rs 91,000 per kg.
Details on Gold Purity and Market Performance
The All India Sarafa Association indicates that gold with 99.5% purity has experienced a price increase for the third consecutive session, rising by Rs 700 on Friday to settle at Rs 76,000 per 10 grams, up from Rs 75,300 per 10 grams in the last session. Such trends reflect a vibrant market influenced by various factors.
Factors Driving Gold Prices Higher
Traders note that the increase in gold prices can be attributed to heightened demand from jewellers and stockists in anticipation of the upcoming festival and wedding seasons. The market’s buoyancy is further evidenced by the performance of gold contracts. On the Multi Commodity Exchange (MCX), gold contracts for October delivery climbed by Rs 341, or 0.46%, bringing the price to Rs 73,779 per 10 grams, while silver contracts for December delivery experienced a rise of Rs 145, or 0.16%, to reach Rs 90,113 per kg.
India’s Gold Import Trends
India’s gold imports have surged dramatically, more than doubling to a staggering $10.06 billion in August alone. This increase is in large part due to a significant reduction in customs duties—from 15% to just 6%—and a spike in festive demand, according to data released by the Commerce Ministry. This marks a substantial rise from the $4.93 billion worth of gold imported in August 2023. As the second-largest gold consumer globally, behind China, India’s demand dynamics play a crucial role in global gold pricing trends.
Global Market Developments
In international markets, Comex gold futures are trading lower by 0.70%, currently at $2,632.90 per ounce. According to Commodity Expert Manav Modi from Motilal Oswal Financial Securities Ltd., prices soared by more than 1% recently when the US Federal Reserve began its phase of monetary rate cuts, propelling gold to an all-time high. During Asian trading hours, silver was also observed trading at $31.54 per ounce, indicating a healthy interest in precious metals across global markets.
Conclusion
The recent rise in gold prices, driven by domestic demand and favorable government regulations, coupled with global market movements, underscores the precious metal’s ongoing appeal. As we approach the festive season, both jewellers and consumers are likely to keep a close watch on market trends to make informed purchasing decisions.
