Gold Shines at ₹78,000 – Business
Punjab News
On Thursday, gold prices climbed by Rs 400, reaching an unprecedented Rs 78,000 per 10 grams in the national capital. This sharp increase was fueled by ongoing demand from jewelers ramping up their purchases, along with solid trends in global markets that further bolstered the precious metal’s value. The rise continues gold’s remarkable record-breaking run as local and international market conditions remain favorable. The sustained buying momentum from jewelers reflects the heightened demand for gold, particularly as it remains a reliable investment amidst fluctuating economic factors. This significant surge marks yet another milestone in what has become a highly profitable year for gold investors.

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On Thursday, gold prices experienced a remarkable increase of Rs 400, allowing them to exceed the significant threshold of Rs 78,000 per 10 grams in the national capital. This upward movement was primarily driven by ongoing and persistent purchases from jewelers, capitalizing on favorable market conditions. Additionally, robust trends in international markets contributed to this surge, reflecting a broader appetite for gold among investors. Continuing its impressive record-breaking streak for the second consecutive day, gold prices surged again by another Rs 400, reaching a new all-time high of Rs 78,250 per 10 grams, as the All India Sarafa Association reported. This latest increase builds on the previous day’s closing price of Rs 77,850 per 10 grams, highlighting the precious metal’s strong performance in recent days.
Similarly, silver prices experienced a noteworthy increase, rising by Rs 1,000 to reach Rs 94,000 per kilogram. This significant surge can be attributed primarily to strong demand from various industrial sectors, such as electronics and manufacturing, as well as coin manufacturers actively purchasing silver to fulfill their production requirements. The ongoing interest from these industries indicates a robust utilization of silver, often favored for its excellent conductivity and aesthetic appeal.
In addition to the strong local demand, favorable trends in international markets have contributed significantly to the rise in silver prices. Global economic indicators, investor sentiment, and demand fluctuations in major markets influence silver’s price dynamics. This notable increase comes from the previous session’s closing price of Rs 93,000 per kilogram, showcasing the growing upward momentum in the precious metal markets. As both gold and silver continue to capture investor interest, this trend highlights the resilience and attractiveness of these assets amid changing economic conditions and market uncertainties. Investors are increasingly looking to precious metals as a haven, further driving up demand and prices in the market.
Furthermore, gold with 99.5 percent purity achieved a new record high of Rs 77,900 per 10 grams. This impressive price increase reflects the ongoing interest and demand for high-purity gold. On Wednesday, the yellow metal had closed at a lower cost of Rs 77,500 per 10 grams, highlighting the significant leap it has taken in just a short period. Traders have indicated that an increase in local demand drives this gold price surge as consumers and investors seek to acquire gold amid favorable market conditions. Additionally, robust trends in the global market have played a crucial role in this upward movement, suggesting that international factors, such as currency fluctuations and geopolitical events, influence local gold prices.
Meanwhile, in the futures market, gold contracts scheduled for October delivery experienced an increase of Rs 162, representing a rise of 0.22 percent, and were trading at Rs 75,475 per 10 grams on the Multi Commodity Exchange (MCX). This slight uptick reflects investor confidence and expectations regarding future gold prices as traders speculate on market movements based on current economic indicators. The performance of gold futures is often closely monitored, as it can provide insights into broader market trends and investor sentiment. The rise in futures contracts indicates that market participants are optimistic about the potential for gold prices to continue their upward trajectory in the coming months.
Silver contracts for December delivery experienced a significant increase of Rs 1,034, or 1.12 percent, reaching Rs 93,079 per kilogram on the exchange.
In contrast, COMEX gold advanced by 0.61 percent, climbing to $2,701.20 per ounce in the international markets.
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