Gold Hits Another Record for Third Day | Check Here

As of September 27, 2024, gold prices in New Delhi have reached a record high for the third consecutive day, increasing by Rs 50 to Rs 78,300 per 10 grams. This surge is attributed to strong buying activity from local jewellers, driven by demand for the upcoming festive and wedding seasons.

In addition to gold, silver prices also saw a significant rise, climbing by Rs 500 to Rs 94,500 per kg. This increase is linked to fresh demand from industrial units and coin makers.

Market Influences

Traders noted that the firm trend in overseas markets and the US Federal Reserve’s optimistic outlook on interest rate cuts have contributed to the bullish momentum in gold prices 

However, in the futures market, gold contracts for October delivery on the Multi Commodity Exchange (MCX) experienced a slight decline of Rs 181, or 0.24%, settling at Rs 75,206 per 10 grams.

International Market Trends

In the international markets, Comex gold is trading 0.29% lower at USD 2,687.20 per ounce. Analysts suggest that profit booking and better-than-expected US economic data have led to a slight pullback in gold prices. Despite this, the overall sentiment remains positive due to ongoing safe-haven demand and buying interest among ETF investors.

“Demand from the world’s top two consumers, China and India, is likely to improve after China’s recent stimulus, while retail demand in India is expected to improve ahead of festival season, which also improved market sentiment and lifted the gold prices higher,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Conclusion

The current trends indicate a robust demand for gold and silver in India, particularly as the festive season approaches, while international factors continue to influence market dynamics.