highlights
The price of gold has crossed the record $ 2,400 per ounce for the first time.
Investors have also turned towards gold which is considered a safe haven.
The price of silver has also increased by 4 percent to reach $ 29.60 per ounce.
New Delhi. Gold, which is already making record after record, will now rise even faster. The increasing tension between Iran and Israel has also started heating up gold. Anyway, history has witnessed that whenever tension has increased in the world, gold has had to bear the maximum burden. As tension increases in the Middle East, the prices of gold and crude oil will also start rising. At present, the price of gold in the global market has crossed the record $ 2,400 per ounce for the first time.
With increasing tension in the Middle East, investors have also turned towards gold, which is considered a safe haven. On Friday, the spot price of gold in the global market increased by 2.2 percent to $ 2,424.32 an ounce. This week the price of gold has increased by 4 percent. The rate of gold future also seems to be increasing. Similarly, the price of silver has also increased by 4 percent to reach $ 29.60 an ounce. This is the highest price of silver in the global market after 2021.
Where did the price reach in India?
The effect of the boom in the global market was also visible on the Indian bullion market and on Friday, the price of 24 carat gold in Delhi bullion market increased by Rs 1,050 to Rs 73,000 per 10 grams. This is a record price of gold. Silver prices also rose by Rs 1,400 on Friday and it is being sold at Rs 86,300 per kg.
Where will the price go in 2024
Ajay Kedia, Director of Kedia Advisory, had estimated a few days ago that this year, by Dhanteras i.e. the month of November, the price of gold can reach Rs 72 thousand per 10 grams. However, within the next few days, gold crossed this figure, even though it is still April. On top of this, a new global crisis from the Middle East is also facing investors. In such a situation, it is estimated that by the end of 2024, gold may reach around Rs 1 lakh.
What is the reason for this rise?
Saumil Gandhi, research analyst at HDFC Securities, said, ‘The demand for gold as a safe investment option has increased following increased tensions in West Asia and fears of Iran’s retaliation against the Israeli attack on its embassy in Syria. This speed will increase further, due to which the price of gold will also increase rapidly. According to Praveen Singh, Associate VP, Fundamental Currency and Commodities at BNP Paribas Buy Sharekhan, upcoming economic data to be announced by Britain and Germany and trade data from China will give direction to gold prices. However, due to the rapidly changing global market, there is no scope for softening of its prices at the moment. Silver can also cross the figure of Rs 1 lakh in 2024, which is running above Rs 86 thousand.
,
Tags: business news in hindi, gold investment, gold price, silver price, Silver Price Today
FIRST PUBLISHED: April 13, 2024, 06:50 IST