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There has been a tremendous increase in gold prices in Delhi.

Gold prices again increased in the country's capital Delhi on Tuesday, due to the increase in interest of investors amidst the current bandh and increasing possibility of cutting interest rates by the existing shutdown of the US government and the increasing possibility of cuts. The special thing is that gold prices in the country's capital have reached the new record level. At the same time, only one thousand rupees are less than the level of 1.25 lakh rupees. This means that in the next few days, gold prices can cross the level of 1.25 lakh. A day ago, there was a bumper boom of Rs 2700 in gold prices. If we talk about October, then the price of gold in Delhi has been seen by an increase of 4000 thousand rupees. On the other hand, there has been a tremendous profit booking in silver prices and there has been a big fall of Rs 3400 in the prices. Let us also tell you which record level of gold in Delhi has reached.

Gold at new record level in Delhi

According to the All India Bullion Association, the price of gold in the country's capital Delhi rose by Rs 700 to a record level of Rs 1,24,000 per 10 grams. Whereas gold with 99.9 percent purity closed at Rs 1,23,300 per 10 grams on Monday. In the local bullion market, gold with 99.5 per cent purity rose by Rs 700 to Rs 1,23,400 per 10 grams (including all taxes) at the high level on Tuesday. In the last market session, it closed at Rs 1,22,700 per 10 grams. However, silver fell below its life time high to Rs 3,400 to Rs 1,54,000 per kg (including all taxes). On Monday, this white metal closed at Rs 1,57,400 per kg.

Gold and silver in foreign markets

Globally, the spot gold was trading at $ 3,958.18 an ounce. On Tuesday, this yellow metal reached an all -time high of $ 3,977.45 an ounce. On Tuesday, gold prices gained momentum and the spot gold reached close to a significant stop of $ 4,000 an ounce. The spot silver was trading at $ 48.46 an ounce with a decline of 0.12 percent. By the way, in the current year, gold prices have seen a rise of more than 50 percent. At the same time, there has been an increase of 68 percent in silver prices.

American shutdown is supporting

Soumil Gandhi, Senior Analyst (Commodities) of HDFC Securities, said that gold prices reached a record height due to the hopes of a soft monetary policy from the Federal Reserve and the continuous demand for properties with safe investment, while technically it was bought more than necessary. Meanwhile, the US government's shutdown has reached its seventh day and there is still no solution. Gandhi further said that this shutdown has created uncertainty in financial markets and is promoting precious metals. In addition, the demand for safe investment properties is increasing due to political tension in France and Japan and continuous geopolitical risks.

Due to this, gold is also coming in gold

Analysts say that due to the current shutdown of the US government, there has been a delay in the release of important economic data including the employment report of September. The absence of official American macro economyic indicators and the increasing expectations of the Federal Reserve twice the expectations of twice the interest rates have further strengthened the demand for bullion prices. An expert said that in addition, continuous gold purchases by global central banks are also promoting record speed in the prices of precious metals.

The latest statistics of the World Golden Council (WGC) show that gold purchases of central banks have increased in August and the global reserves have increased by 15 tonnes during this month. According to data from People's Bank of China (PBOC), by the end of September, the country's gold reserves were 74.06 million Fine Troy Ouns, which was more than 74.02 million ounces of the previous month, as the central bank has increased the 11th consecutive month Sarafa purchases.