The enthusiasm for gold is continuously high. On Friday, gold rose by Rs 550 to a record level of Rs 79,900 per 10 grams in the bullion market of the national capital. In the previous trading session, gold with 99.9 percent purity closed at Rs 79,350 per 10 grams. With a rise for the third consecutive day, gold with 99.5 percent purity jumped by Rs 550 to a new high of Rs 79,500 per 10 grams. In the previous session, it closed at Rs 78,950 per 10 grams. Meanwhile, silver jumped by Rs 1,000 to Rs 94,500 per kg. On Thursday, silver remained stable at Rs 93,500 per kg. The Indian Bullion Association has given this information.

Gold in futures trading

According to the news, both the metals witnessed a bullish trend due to strong demand in festivals. In futures trading, the price of gold for December delivery on the Multi Commodity Exchange (MCX) stood at Rs 77,620 per 10 grams. During trading, gold futures had reached an all-time high of Rs 77,667 per 10 grams. Market experts said that with the increase in customer purchases during the festivals, the demand for precious metals in the domestic market has reached record levels.

Investors looking at gold as a safe investment option

Amid the ongoing tension in West Asia and uncertainty due to the upcoming US presidential elections, investors are looking at gold as a safe investment option. Silver prices for December delivery on MCX rose by Rs 1,231 or 1.34 per cent to Rs 92,975 per kg. Motilal Oswal Financial Services Ltd Senior Analyst (Commodity Research) Manav Modi said that gold prices reached record levels in the commodity market and on the domestic front due to the demand for safe investment just a few weeks before the US presidential election.

Along with this, the reduction in interest rates by the European Central Bank also helped. Globally, gold futures in the commodity market rose 0.76 percent to $ 2,728.10 an ounce. Silver futures in the Asian market rose 1.70 percent to $ 32.32 an ounce.