New Delhi: Gold and silver prices have seen a big jump on Tuesday. Due to the recovery in global rates, the price of 24-carat gold rose by Rs 538 to Rs 38,987 per 10 grams in Delhi Bullion Market on Tuesday. Due to strong global trend and purchase of local jewelers, gold price increased. Similar increase has been observed in the prices of silver.
At the same time, the price of silver has increased by Rs 1,080 to Rs 47,960 per kg. This rise in silver prices has been observed due to increasing demand from industrial units and coin traders. In international terms, gold was found to be trading at $ 1,530 an ounce in New York and silver at $ 18.50 an ounce.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities, says that gold prices have increased due to the escalating trade war in the US and China. The US has imposed a new tariff on China, which became effective from 1 September. This has increased uncertainty regarding trade talks. Its support was found in gold prices. The second reason is the fall in the rupee against the dollar. The Indian currency weakened by 1 rupee to close at 72.40 per dollar on Tuesday. This is a major decline since 13 November 2018.