Gold and silver prices saw a record surge on Monday. In the Delhi futures market, gold reached ₹1,19,511 per 10 grams and silver touched ₹1,47,700 per kilogram. In international markets, gold also traded at a record level of $3,957.90 and silver at $48.37 per ounce. The US shutdown is being cited as the main reason for safe-haven investment.
Gold price today: Gold and silver prices set a new record on Monday. In the Delhi futures market, gold is trading at ₹1,19,511 per 10 grams and silver at ₹1,47,700 per kilogram. In New York's spot and futures markets, gold also reached a record level of $3,957.90 and silver at $48.37 per ounce. The US shutdown and investors seeking safe-haven investments are the main reasons for this surge.
Gold and Silver Dominate International Markets
Gold prices also saw a tremendous surge in international markets. In New York's Comex futures market, gold futures reached $3,957.90 per ounce. Over the past year, gold futures prices have registered an increase of nearly 49 percent. This current year has seen an increase of approximately 50 percent in prices. Meanwhile, silver prices are also rising rapidly. Silver futures are currently trading at $48.37 per ounce and are expected to cross the $50 per ounce level.
Experts state that the US shutdown led to increased insecurity among investors, prompting them to prioritize safe-haven investment options like gold and silver. This is why both metals traded at new record levels in the international market.
Gold and Silver Surge in the Domestic Futures Market
Both gold and silver prices witnessed a tremendous jump in the country's Multi Commodity Exchange as well. At 9:25 AM, the price of gold was ₹1,19,490, registering an increase of ₹1,377. During trading, gold prices reached ₹1,19,511 per ten grams. Since the beginning of October, gold prices have seen an increase of approximately two percent, or ₹2,246.
Silver prices also saw a surge. At 9:25 AM, silver was trading at ₹1,47,424 per kilogram. During trading, silver prices reached up to ₹1,47,700 per kilogram. In the month of October, silver prices have seen an increase of approximately 3.90 percent, or ₹5,555.
Investor Enthusiasm
The sharp increase in gold and silver prices has excited investors. Due to the US shutdown and global economic uncertainties, investors are seeking safe alternatives. Experts believe that under these circumstances, gold and silver remain primary investment options.
The surge in both domestic and international markets indicates that investors are currently prioritizing safe assets. This could lead to a jump in prices not only in the futures market but also in the Delhi bullion market.
Potential Records in Delhi
On Monday, Delhi is witnessing a sharp increase in both gold and silver prices. On Friday, gold prices closed at ₹1,20,600 per ten grams and silver at ₹1,50,000 per kilogram. Given the surge in the futures market on Monday, it is estimated that gold and silver in Delhi could reach new record levels by evening.
Experts believe that the surge in New York and other international markets will have an impact across the entire country, including Delhi. This has further heightened investors' expectations, and increased market activity can be observed.
