The price of gold in the national capital on Wednesday rose by Rs 220 to Rs 80,800 per 10 grams amid a rise in the prices of precious metals in the global market . The All India Sarafa Association has given this information. Gold closed at Rs 80,580 per 10 grams in the previous trading session. However, silver remained stable at Rs 91,700 per kg. The price of gold of 99.5 percent purity rose by Rs 220 to Rs 80,400 per 10 grams, which closed at Rs 80,180 per 10 grams in the previous trading session. Market sources said that gold rose due to fresh demand from local jewelers and strong trend in foreign markets. 

It also became expensive in the global market 

Globally, Comex gold futures rose by $26.40 an ounce to $2,708.70 an ounce. "Gold rose on Wednesday due to the fall in the US dollar after weak US producer price index data," said Saumil Gandhi, Senior Analyst-Commodity at HDFC Securities. Gandhi said that the focus of market participants is now on the Consumer Price Index (CPI) report to be released on Wednesday. He said that if the CPI comes lower than expected, then the possibility of the Federal Reserve reducing interest rates this year may increase, and this will benefit precious metals further. Silver futures in the Asian market were quoted at $30.75 an ounce, up 1.30 percent. 

Gold futures prices rise 

Gold prices on Wednesday rose by Rs 259 to Rs 78,415 per 10 gram in futures trading as speculators created fresh deals amid strong spot demand. On the Multi Commodity Exchange (MCE), the price of the contract for delivery in February rose by Rs 259 or 0.33 per cent to Rs 78,415 per 10 gram. A total of 10,169 lots were traded in this. Market analysts said gold futures prices rose as traders created fresh deals. Silver prices on Wednesday rose by Rs 368 to Rs 90,924 per kg in futures trading as traders increased their bets.