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New Delhi: These days, the movement of gold and silver in the bullion market of the country’s capital Delhi has surprised both common customers and investors. While on one hand, there has been a tremendous rise in the prices of gold for the second consecutive day, on the other hand, there has been a sharp rise in the prices of silver for the second consecutive day. The most surprising thing of this week is that silver prices have become cheaper by Rs 10,000 per kg in just two days. On the contrary, a huge increase of Rs 2100 per 10 grams has been seen in the price of gold in these two days. Market experts believe that similar big fluctuations can be seen in the prices of gold and silver in the coming days. Let us tell you in detail what the prices of gold and silver have become in the Delhi market now.

Huge jump in gold prices

On Wednesday, gold prices in the national capital Delhi took a big jump of Rs 1,300 to cross Rs 1.64 lakh for 10 grams. The main reason behind this huge increase in the bullion market is believed to be the ongoing geopolitical tension between America and Iran, which has had a direct impact on foreign trade and the domestic market. According to local market experts, an increase of Rs 1,300 was recorded in the price of 24 carat gold of 99.9 percent purity. It is noteworthy that at the time of closing of the market on Tuesday, its price was Rs 1,63,600 for 10 grams, which has now increased to a record level of Rs 1,64,900 (including all taxes) for 10 grams.

Let us tell you that in the last two days alone, a total increase of Rs 2100 per 10 grams has been seen in the prices of gold. Earlier on Tuesday also, the price of gold had increased by Rs 800 per 10 grams. Bullion traders said that although the bond yield in America is increasing and the dollar is also getting stronger, domestic gold prices have got a big support due to the resumption of purchasing of precious metals as a safe investment.

Silver fell by Rs 10 thousand in two days

Amidst this shine of gold, silver investors have suffered a big shock. Silver prices fell sharply for the second consecutive trading session. On Wednesday, its price decreased by Rs 5,000 per kg, after which the price of silver in Delhi came down to Rs 2,66,000 (including all taxes) for 1 kg. Market experts said that in the last session (Tuesday) too, a huge fall of Rs 5000 was seen in the price of silver, due to which the price of silver came down to Rs 2,71,000 per kg. This simply means that silver buyers have got a direct benefit of Rs 10,000 per kg in two days. Market analysts say that silver prices currently remain volatile due to weakness in industrial demand and continuous profit-taking by large investors after the recent sharp fluctuations in prices.

Gold and silver prices in international market

Talking about the global market, spot gold in the international market was trading with a slight rise at US $ 4,483.54 for 1 ounce. On the other hand, international silver rose by more than 2 percent to US $ 75.42 for 1 ounce. Leading brokerage firm Kotak Neo (earlier Kotak Securities) said in its report that an improvement was seen in spot gold prices on Wednesday. Precious metals have received support due to some moderation in the recent heavy selloff in the bond market. However, due to US treasury bond yields remaining high and the strengthening dollar, gold prices did not rise much and remained within a limited range.

What do market experts say?

Kotak Neo Firm further said in its report that at present, the full attention of big commodity investors around the world is on the ongoing war-like situation between America and Iran. Along with this, the market is also keeping a close eye on the continuous delay in reopening the main trade route ‘Strait of Hormuz’. Due to these global reasons, concerns of rising inflation around the world and expectations of implementation of strict monetary policy (increasing interest rates) by central banks are continuously increasing.

On the other hand, according to Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, at this time investors are very cautious about the next direction of interest rates of the US Central Bank (Federal Reserve). Investors are eagerly waiting for the minutes of the ‘Federal Open Market Committee’ (FOMC) meeting to gather new information about its short-term impact on bullion (gold and silver) prices, only after which the next move of the market will be decided.