There is no indication of fall in gold prices and for the last few days they are reaching record highs every day. Today, gold prices on MCX increased by about ₹ 1,800. The price of 10 grams of gold in the multi-modal market is ₹ 113,990. Gold prices also reached the highest level in the international market.
According to a report by Reuters, after touching a record high level of $ 3,759.02, the spot gold rose 0.2% to $ 3,753.25 an ounce, while the US gold futures for December delivery increased by 0.3% to $ 3,787.40. Meanwhile, JP Morgan CEO Jamie Diman warned that from bullion to bitcoin, widespread asset bubbles in all markets may burst and gold prices may fall.
At JP Morgan India Investor Conference in Mumbai, Diman warned. According to CNBC-TV18, he said, “We are moving towards a bubble. We do not yet know where we are, but we are the highest share values so far, the highest gold values ever and the highest crypto values ever.” ICICI Prudential’s S. Naren also expressed apprehension. He described this boom in gold as a warning signal. He said that when something increases rapidly, the future can cause damage.
Why was it seen so fast in gold today?
Gold prices have risen after the US Fed cuts in interest rates. Capital.com expert Kyle Roda said, “I think it is mainly due to monetary policy expectations, potentially low interest rates and increasing inflation risks.” Other experts believe that this bounce in gold prices in the US due to further cuts and weak dollars.
Gold will be cheaper soon
Some analysts estimate that gold will soon decline due to technical reasons, while comprehensive trends remain positive. Oanda senior market analyst Calvin Wong said although short -term rapidly remains strong, we are prone to short -term decline due to technical factors.
Inflation concerns have promoted gold demand
ANZ stated that gold investment demand remains strong due to slow economic growth, high inflation, changing geopolitical landscape and weak US dollars. A mixed trend was seen in other precious metals. The spot silver fell 0.6% to $ 43.82 an ounce, which is its highest level in 14 years. Platinum fell 0.3% to $ 1,412.64, while the palladium rose 0.3% to $ 1,182.
Gold price in bullion market?
According to IBJA, the price of 24 carat gold is Rs 113,500 per 10 grams today as compared to Rs 111,167. The price of 22 carat gold today is ₹ 103,964 per 10 grams. The price of 23 carat gold was ₹ 101,829 yesterday. Similarly, the price of 18 carat gold was ₹ 83,375 yesterday, which is ₹ 85,124 per 10 grams today.
