Gold Price Jumps Rs 2000 in Delhi, Silver Rises Amid Global Decline
The price of gold has increased for the second consecutive session due to rising demand from retailers and stockists. On August 19, the price of gold in Delhi's bullion market rose by Rs 2,000 to Rs 1.58 lakh per 10 grams. The price of 99.9 percent purity gold increased from Monday's closing price of Rs 1,56,800 per 10 grams to Rs 1,58,800 per 10 grams.
The All India Sarafa Association reported that the price of silver also rose by Rs 730 to Rs 2,40,730 per kg. Despite this increase, globally, spot gold was trading 0.5 percent lower at $4,394.57 an ounce, and silver fell a little over one percent to $65.08 an ounce.
According to Praveen Singh, head of commodities at Mirae Asset Sharekhan, oil prices rose after the 60-day ceasefire between the US and Iran ended on Monday, leading to a surge in crude oil prices. Spot silver prices fell due to firm US bond yields and some profit-booking, said Kainat Chainwala, AVP, Commodity Research, Kotak Securities.