Gold price reaches Rs 93,965, sets a new record
Gold Price Reaches Rs 93,965, Creates A New Record: Gold prices surged on account of purchases by stockists and jewelers. On Tuesday, gold increased by Rs 2,000 to a new high of Rs 93,965 per 10 grams. This is the largest one-day increase in gold in two months. But in contrast to gold, silver declined by Rs 500 to Rs 1,02,500 per kg. With the decline in the stock market, investors felt it wise to invest in gold. Gold also increased in the international markets. Everyone is now looking at the US economic information. This can show the interest rate reduction by the Federal Reserve.
The glitter of gold rose further in Delhi’s bullion market. On Tuesday, gold increased by a record Rs 2,000. Gold hit a new record high of Rs 93,965 per 10 grams. This is the largest one-day rise in gold in two months. All India Sarafa Sangh provided this information. On Friday, gold had closed at Rs 92,150 per 10 grams.
99.5 percent purity gold also increased by Rs 2,000 to Rs 93,700 per 10 grams. This is also the highest price of gold till date. Gold had closed at Rs 91,700 per 10 grams earlier.
How much has the price risen till now this year?
The largest one-day rise in gold prices was on February 10. On that day, gold increased by Rs 2,400 per 10 grams. Gold has increased by Rs 14,760 or 18.6 per cent so far this year. On January 1, gold had closed at Rs 79,390 per 10 grams.
It is another fact that, in contrast to gold, the rate of silver has declined. Silver declined by Rs 500 to Rs 1,02,500 per kg. Silver closed at Rs 1,03,000 per kg on Friday. Bullion markets remained closed on Monday on the holiday of ‘Eid-ul-Fitr’. Gold increased in the global market as well. Spot gold went up to a new high of $ 3,149.03 per ounce.
Trump’s tariffs deepen uncertainty:
As per Kotak Securities, ‘Gold prices have reached an all-time high for the fourth day in a row. This is because there are increasing fears over potential US trade tariffs.’ President Donald Trump’s retaliatory tariffs, effective from Wednesday, could create turmoil in the world economy.
The brokerage house also indicated that geo-political upheavals have increased the demand for gold. Investors were attracted to gold as a safe haven due to the ongoing Russia-Ukraine conflict and Trump’s short-tempered attitudes. COMEX gold futures also recorded the highest level to date of $ 3,177 an ounce. Silver prices in Asian markets were down. Spot silver fell 0.74 percent to $ 33.
Will there be more increase in gold from now on?
This is a suitable time for investors who are investing in gold. Prices of gold are increasing incessantly. Although there has been a slight fall in silver, this also can be a suitable choice for investors. According to market experts, gold can increase more. But investors must consider the market conditions before investing in gold. There
There are several reasons why the price of gold has increased. One, investors are putting their money in gold because of the decline in the stock market. Second, gold is also increasing in the global market. Third, gold is also being demanded more because of geopolitical tensions. All these have increased in the price of gold.
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