Gold prices are continuously rising in the country's capital Delhi. Ever since the US Central Bank Fed has cut interest rates by 50 basis points, gold prices have been increasing. The special thing is that gold prices in Delhi have reached close to Rs 77 thousand. Talking about the last three days, gold prices have seen an increase of Rs 1,400. If experts are to be believed, gold prices may increase further in the coming days. This week, gold prices in Delhi may reach the level of Rs 80 thousand. Let us also tell you how much the gold prices have become in the country's capital Delhi.

How much has gold become expensive in Delhi

In the country's capital Delhi, the price of gold rose by Rs 600 to Rs 76,950 per 10 grams on Monday. The yellow metal of 99.9 percent purity closed at Rs 76,350 per 10 grams on Friday. If we talk about the last three days, then an increase of Rs 1400 can be seen in the price of gold. Apart from this, gold of 99.5 percent purity also jumped by Rs 600 to Rs 76,600 per 10 grams, which was Rs 76,000 at the previous closing price. Traders attributed the increase in gold prices in the local markets to the increasing demand from jewelers and retail sellers.

According to the All India Sarafa Association, the seven-day continuous upward trend of silver in the local market was broken due to weak demand from industrial units and coin makers. On Monday, the price of silver fell by Rs 1,000 to Rs 90,000 per kg. In the last session, it closed at Rs 91,000 per kg.

Status of Gold in Futures Markets

On the other hand, October delivery of gold rose by Rs 184 or 0.25 percent to Rs 74,224 per 10 grams in futures trading on the Multi Commodity Exchange (MCX). Silver contract for December delivery on the exchange fell by Rs 1,035 or 1.15 percent to Rs 89,100 per kg. In global markets, Comex gold rose 0.04 percent to US $ 2,647.30 an ounce. However, silver declined to US $ 30.96 an ounce in Asian trading hours.

What the experts say

Chintan Mehta, CEO of Abans Holdings, said that gold prices have risen 27 percent this year to an all-time high due to a weak US dollar and a fall in treasury yields after the Fed cut rates by 50 basis points. Mehta said that due to the increasing geopolitical tension, especially the kind of tension being seen in the Middle East, investors are turning towards safe haven assets. Saumil Gandhi, Senior Commodity Analyst at HDFC, said that gold reached a new record high on Monday due to a stable US dollar and continued demand in exchange-traded funds.