Gold became costlier by Rs 2,100, prices crossed Rs 1 lakh, created a new record

Business News:  The price of gold in the country has reached the sky. On Friday, the price of gold has made a new record. In the bullion market of the national capital Delhi, the price of gold jumped by Rs 2,100 to a new record level of Rs 1,03,670 per 10 grams.

A day earlier, the price of 24 carat gold was Rs 1,01,570 per 10 grams. The reason for such a rise in the price of gold is believed to be the ongoing purchases by stockists and the weakening of the rupee against the dollar.

Gold Prices Hit Record High

Continuing its upward trend for the fourth consecutive trading session, the price of gold of 99.5 per cent purity jumped by Rs 2,100 to a high of Rs 1,03,100 per 10 grams on Friday. A day earlier, it had closed at Rs 1,01,000 per 10 grams. Earlier, gold of 99.9 and 99.5 per cent purity were at their all-time highs of Rs 1,03,420 and Rs 1,03,000 per 10 grams respectively on August 8. At that time, gold prices had grown by Rs 800 per 10 grams. Earlier on August 7, a massive increase of Rs 3,600 per 10 grams was recorded in the price of gold.

That's why gold prices rose

HDFC Securities Senior Analyst (Commodities) Saumil Gandhi said that due to weak rupee and positive trend in foreign markets, gold prices in domestic markets saw a sharp rise and it reached a new record level. He said that the Indian rupee has reached its lowest level ever. This has raised concerns about the impact of 50 percent US duty on the country's gross domestic product (GDP).

Record fall in rupee

The rupee on Friday fell sharply by 61 paise to reach the level of 88.30 for the first time. It closed at its lowest level ever at 88.19 per dollar. During the week, the price of the precious metal has increased by Rs 3,300 or 3.29 percent. Meanwhile, the price of silver also fell by Rs 1,000 from the all-time high to Rs 1,19,000 per kg. On Thursday, the price of silver was Rs 1,20,000 per kg.