New Delhi, 13 April (IANS). Gold prices have witnessed a rise of 6.5 percent last week and the prices have increased to $ 3,237 an ounce internationally.
This was the best weekly performance of gold after Kovid-19. The reason for this is the growing instability globally from President Donald Trump’s reciperochl tariff, giving gold prices.
The increase in gold prices is being seen at a time when there is a large selling in the American shares as well as the bonds.
Along with global uncertainty, the dollar is weak due to the rise in gold prices. The American currency has reached a three -year low against the euro, making a safe investment option for gold investors.
Market analysts say the risk of recession, an increase in bond yields and concern of financial instability are attracting investors towards gold.
Apart from individual investors, the demand for gold from institutions and central banks is also increasing, which has resorted to prices. The first quarter of this year had the highest investment in the Gold based Exchange-Treded Fund (ETF) since 2020.
The central banks, especially in emerging markets, are buying a greater amount of gold in an attempt to reduce their dependence on dollars.
Apart from this, the demand for gold in China has also increased. People are paying premiums at international prices to buy gold there.
Given the boomful century for gold in the market, the global financial firm UBS has increased the 12 -month gold price forecast to $ 3,500 an ounce.
This is the second time this year when the bank has revised its forecast upwards, showing how fast the investment landscape is changing.
Experts believe that investors will continue to invest in gold in the coming months.
-IANS
ABS/
