New Delhi : The world is crazy about gold. The yellow metal has broken all records so far. The prices have reached an all-time high in both spot and futures. It is expected to remain bullish in the future as well. The reason is that the central banks of the world are taking an interest in buying gold. This has pushed the prices sky-high. MCX December gold futures were quoted at an all-time high of Rs 76,750 per 10 grams on Wednesday. At the same time, the price of gold in the national capital's bullion market reached a record high of Rs 78,900 per 10 grams.

There is a possibility of further growth.

Central banks remain big buyers of gold to diversify their reserves for financial and strategic reasons. Despite the rise in gold prices, the central banks of the Czech Republic, Mongolia, and Mexico have said it still makes sense to have gold in their reserves.

According to the World Gold Council, global central banks increased purchases for their reserves by 6% to 183 tonnes in the second quarter. However, China's central bank stopped buying gold for the fifth consecutive month in September.

 

What is the price in the Delhi bullion market?

On Wednesday, the price of gold in the capital's bullion market rose by Rs 250 to Rs 78,900 per 10 grams. This rise came due to continuous buying by jewelers. This is the record high level of gold to date. All India Sarafa Association gave this information. In the last session on Tuesday, gold closed at Rs 78,650 per 10 grams.

Silver prices also rose.

Meanwhile, gold of 99.5 percent purity jumped by Rs 250 to a new record level of Rs 78,500 per 10 grams. Its previous closing price was Rs 78,250 per 10 grams. At the same time, silver also jumped by Rs 1,000 to Rs 93,500 per kg due to fresh buying by industrial units and coin makers. On Tuesday, it closed at Rs 92,500 per kg.

Money is shifting from the stock market to gold.

Traders attributed the rise in gold prices to strong demand from local jewelers. Besides, a fall in the stock markets also supported the rise in gold as investors turned to safe investment assets like gold. In futures trading on the Multi Commodity Exchange (MCX), the gold contract for December delivery rose to Rs 76,750 per 10 grams. The price of silver contract for December delivery on the exchange rose by Rs 580 or 0.63 percent to Rs 92,203 per kg.
 

What do the experts say?

Jatin Trivedi, Vice President - Commodity & Currency, Research Analysis Department, LKP Securities, said, "Gold prices remained high with MCX gains. While Comex gold was trading above $ 2,675."

Globally, Comex gold futures rose 0.51 percent to $ 2,692.50 an ounce. Silver rose 0.91 percent to $ 32.05 an ounce in the Asian market.