New Delhi. The price of gold has been rising for some time now. Its rates have started soaring. On Thursday (17 October), gold rose by Rs 450 to a new record level of Rs 79,350 per 10 grams in Delhi's bullion market. In the last session on Wednesday, gold of 99.9 percent purity closed at Rs 78,900 per 10 grams.

According to the All India Sarafa Association, gold of 99.5 percent purity rose by Rs 450 to a new high of Rs 78,950 per 10 grams for the second consecutive day. However, silver remained stable at Rs 93,500 per kg. Traders said that gold prices reached record highs due to increased buying by local jewelers to meet festive demand and the rise in the prices of precious metals in global markets.

Gold prices rise in foreign markets
. Comex gold futures in the Asian market rose 0.43 percent to $ 2,703 per ounce. Meanwhile, silver futures in the international market fell 0.15 percent to $ 31.93 per ounce.

What can be the future trend?
Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services, said, "Bullion prices rose due to the fall in US bond yields and expectations of interest rate cuts by major central banks, which led gold to a record high. Also, geo-political tensions supported gold as a safe investment option."

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