Gold Nears Rs. 2 Lakh, Silver Hits Rs. 4 Lakh in Futures Market
Domestically, gold and silver prices are increasing rapidly. While the price of gold is approaching Rs. 2 lakh, the price of silver has reached an all-time high of Rs. 4 lakh in the futures market. In Hyderabad, the price of 24 carats 10 grams of gold crossed Rs. 1,85,000 at 10 am today. The price of silver has crossed the Rs. 4 lakh mark.
On Wednesday night, the price of 10 grams of 24-carat gold in the Hyderabad market was Rs. 1,73,300. It increased by Rs. 12,000 in a few hours. The price of a kilo of silver closed at Rs. 3,79,700 on Wednesday. Today, it increased by more than Rs. 21,000 and crossed the Rs. 4 lakh mark. The price of silver in futures for March delivery contract on the Multi Commodity Exchange increased to Rs. 22,090 in a single day on Thursday and touched a new lifetime high of Rs. 4,07,456.
Gold and silver prices are also rising at record levels in the international market. The price of an ounce of silver has crossed the $5,600 mark for the first time. On the Commodity Exchange, the price of an ounce for April delivery was Rs.5,626.8. The price of an ounce of silver reached Rs.119.51. Bullion analysts say that the weakening of the US dollar and increased demand for silver from industries have given wings to white gold.
Meanwhile, investors are looking to gold and silver as safe havens amid global geopolitical and political uncertainties, which is also driving up prices.
