Returns from gold
Gold Price Today: After remaining consolidated for 3 weeks, gold prices saw an increase last week. Gold touched a new high of $2,583 an ounce in the global spot market. At the same time, the price of gold on Comex reached a new high of $2,611.60 an ounce on Friday. In this way, gold prices have increased by about 26 percent so far in the year 2024. In this way, gold has surpassed the major indices of the Indian stock market Nifty-50, Sensex and Bank Nifty in terms of returns.
Gold gave much higher returns than the stock market
Global gold prices have risen from $2,060 to $2,600 an ounce this year. This is a jump of 26 per cent. While the Nifty-50 index has registered a gain of about 16.60 per cent so far this year. According to commodity market experts, the immediate reason for the rise in gold prices at this time is the possibility of a US Fed rate cut, which puts pressure on US dollar rates. However, geopolitical tensions, inflation concerns and market uncertainty are among the key triggers that have helped the yellow metal maintain an uptrend in 2024. According to experts, gold prices are expected to rise sharply and will soon reach $2,640 and $2,660 an ounce.
Domestic prices of gold and silver
Talking about domestic prices, on Friday, gold for delivery on October 4, 2024 fell by Rs 5 to close at Rs 73,510 per 10 grams on the MCX exchange. At the same time, silver for delivery on December 5, 2024 closed at Rs 89,244 per kg on Friday with a gain of Rs 64.
Why are gold prices increasing?
The dollar is weakening due to the expectation of interest rate cut by the Fed, due to which the price of gold is rising. Central banks around the world have recently increased their gold purchases significantly, due to which the prices are rising. Gold has also shown signs of rising on technical charts. Geopolitical tensions such as Ukraine, Middle East and US-China relations have kept investors attracted to gold.
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