New Delhi. The season of festivals like Diwali and Dhanteras, which gave the most support to gold, is now over, but the rise is not stopping. On Friday too, there was a sharp jump in the price of gold and today the price went above Rs 80 thousand per 10 grams. Today, there was a bumper rise in silver too and it reached around Rs 95 thousand per kilogram.

The All India Sarafa Association said on Friday that gold once again reached the level of Rs 80,000 per 10 grams with a rise of Rs 500 in the bullion market of the national capital on Friday amid rising demand from jewelers and retailers during the wedding season. Gold of 99.9 percent purity closed at Rs 79,500 per 10 grams on Thursday.

Silver
also jumped by Rs 800 to Rs 94,600 per kg, while in the last trading session its price had closed at Rs 93,800 per kg. The price of gold of 99.5 percent purity increased by Rs 500 to Rs 79,600 per 10 grams. On Thursday, it closed at Rs 79,100 per 10 grams.

Why is the price of gold rising?
Traders said that the demand of local jewelers has increased for the wedding season. Apart from this, due to the fall in the rupee against the US dollar, investors bet on bullion as a safe investment option, due to which gold prices saw a rise. Gold prices are also falling due to the reduction in interest rates by the US central bank Federal Reserve.

Prices fell in the global market
Jatin Trivedi, Vice President Research Analyst (Commodity and Currency), LKP Securities, said, gold remained weak amid strength in the dollar index and the Federal Reserve's policy announcement. The US central bank has cut the interest rate by 0.25 percent as expected. In the Asian market, Comex gold futures fell by $ 10 an ounce or 0.37 percent to $ 2,695.70 an ounce. Silver also fell by 0.80 percent to $ 31.60 an ounce in the global markets.