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If you are also planning to buy gold or silver, then this news may surprise you a bit. Gold prices are continuously on fire in the bullion market of the country’s capital Delhi. A big increase in gold prices was seen for the third consecutive day on Thursday. Due to this continuous rise, a huge increase of ₹ 2700 has been recorded in the price of gold in just the last three days. On the other hand, the days of relief for silver buyers are also over. After facing two consecutive days of decline, silver prices have once again made a strong comeback. After this latest surge, silver prices have once again crossed the magical figure of ₹ 2.70 lakh per kg. Market experts believe that similar big fluctuations in the prices of gold and silver may continue in the coming days. Let us tell you in detail at what new level gold and silver have now reached in your city after the latest increase.

Bumper increase in gold prices in Delhi bullion market

On Thursday, gold prices in the national capital Delhi jumped by ₹600 to cross the ₹1.65 lakh mark per 10 grams. With this, silver has also reached a huge level of ₹ 2.71 lakh per kg. According to market analysts, amid the ongoing geo-political tensions across the world, big businessmen and investors remain cautiously optimistic about precious metals, due to which purchasing is continuously increasing. According to local market experts, continuing its rise for the third consecutive trading session, pure 24 carat gold of 99.9 per cent purity became costlier by ₹600 and closed at a record high of ₹1,65,500 (including all taxes) per 10 grams. This price is much higher than Wednesday’s closing price of ₹ 1,64,900. In this way, this shiny precious metal has made investors rich by gaining a huge gain of ₹ 2,700 in just three sessions.

Silver prices also took a big jump

Big traders and experts of the market said that at present, the ongoing severe geopolitical tension in West Asia (Middle East) and concerns about rising inflation at the global level have changed the market environment. However, despite strengthening of US treasury bond yields, buying of gold and silver as safe haven investments has received strong support globally. Market experts further said that silver prices also witnessed a spectacular improvement on Thursday. Silver price jumped by ₹5,000 in a single day to ₹2,71,000 per kg. This rise in silver has got major support from cheap buying by investors at lower levels and increased industrial demand from factories and industries.

Recession in the international market, yet why is gold becoming expensive in India?

Market analysts say that at present, the increasing conflict between America and Iran (US-Iran Conflict) and concerns about disruptions in the supply chain due to the Strait of Hormuz have kept the safe-haven demand for precious metals strong at the international level. Apart from this, the weakness in the Indian Rupee against the Dollar has also pushed up the local prices in the domestic market. This is the reason why despite a slight decline in the international markets, the prices in the Indian domestic bullion market remain strong and at record levels. If we look at the global market, spot gold was trading marginally at $ 4,534.54 an ounce, while in the international market, silver also slipped by about 1 percent to $ 75.39 an ounce.