Gold Price: The record rise in gold prices continues. Today the price of gold increased by Rs 1,028. Gold futures contracts for April 2024 expiry on the Multi Commodity Exchange (MCX) opened at ₹66,100 per 10 gram and touched an intraday high of ₹66,943 per 10 gram within hours of the commodity market opening. Touching this intraday high, MCX gold rate reached record high in the domestic market today.
Let us tell you that in the international market, the spot gold price remains above the level of $ 2,200 per ounce. In the international market, the price of gold reached above $ 2,200 an ounce for the first time in early trading. Spot gold rose 0.7 percent at $2,201.94 an ounce at 9:40 am in Singapore. There is a possibility of further increase in this. Gold price reached a historic high of Rs 66,778 per 10 grams in morning trade on America’s MCX. There was a big jump in the price of gold after the US central bank Fed announced 3 cuts in interest rates.
Why is the price of gold increasing?
Due to the possibility of low interest rates, gold becomes an attractive investment for investors, which increases its purchases and increases the prices. Buying in gold has increased due to expectations of low interest. Due to this, there is a continuous rise in prices. Rising geopolitical risks and buying by central banks led by China have also boosted gold prices. Investors are seeing gold as an attractive investment due to the fear of the Russia-Ukraine war and Israel-Hamas conflict spreading to the Red Sea region. Gold demand in India remains strong amid the wedding season. Large quantities of precious metal are gifted to the bride and groom.
How far can the price of gold go?
Anuj Gupta, Head of Commodity and Currency, HDFC Securities told India TV that the price of gold in the international market may once go from $ 2250 per ounce to $ 2300 per ounce. This could happen in the next one month or till Diwali. If this happens, the price of gold in the Indian market will cross Rs 68,000 per 10 grams. This feeling can be easily seen till Diwali.
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