The US Central Bank Fed Reserve has indicated to reduce interest rates. Since then, a record rise in gold prices is being seen in the domestic and international markets.
Gold Price At Record High: The rise in gold prices is showing no sign of stopping. Gold prices have reached historical highs. Due to vigorous buying in the bullion market, the price of gold has crossed Rs 67,000 per 10 grams.
Gold has reached record high in the international market. In the international market, gold is trading at a historic high of $ 2172 per ounce, due to which the prices of gold have increased in the domestic bullion market as well.
Gold at record high
There has been a tremendous rise in gold prices in the last 18 days. In the fourth week of February 2024, gold was trading around Rs 62,000. But from that level, the price of gold in the bullion market has increased by Rs 5000 per 10 grams and now the price is trading above Rs 67,000. The price of gold in Chennai is above Rs 67,000 while in Delhi the price is around Rs 66410 per 10 grams.
Why are gold prices increasing?
Market experts believe that in recent times, central banks around the world have been purchasing gold to strengthen the local currency. Demand has increased due to purchases by central banks which is increasing the prices of gold. On top of that, the US Central Bank can cut interest rates, which it has already indicated.
Due to reduction in interest rates, the dollar will become cheaper which will increase the prices of gold. Due to this possibility, gold prices are seeing a rise. Federal Reserve Bank Chairman Jerome Powell again indicated last week that the US Central Bank may cut interest rates this year. He said that the objective of the Central Bank is to create more employment and bring stability in prices for American citizens so that people can get relief from inflation.
Prices likely to cross Rs 70,000
The ongoing rise in gold is not going to stop here, rather market experts believe that gold can cross the historical high of Rs 70,000 per 10 grams in 2024.
