There is a continuous increase in gold prices in the country.
After the international market, gold prices are seen rising on the horse of speed in the futures market of the country also. On one hand, gold prices in the international market have crossed the level of 4 thousand dollars for the first time. On the other hand, in the country’s futures market, the price of gold has reached Rs 1.22 lakh per ten grams for the first time. This rise has come amid growing concerns over global economic uncertainty and geopolitical instability and speculation about a possible cut in interest rates by the US Federal Reserve. If experts are to be believed, further increase in gold prices may be seen in the coming days.
On the other hand, the price of gold in the spot market of India can cross the level of Rs 1.25 lakh. On Tuesday, gold prices had reached a record level of Rs 1.24 lakh in Delhi bullion market. Now gold prices need Rs 1000 to cross the level of Rs 1.25 lakh. Looking at the rise in spot prices in the international market, it can be estimated that the price of gold in Delhi may cross the level of Rs 1.25 lakh. Let us also tell you what the prices of gold have become from Delhi to New York.
Gold prices gained momentum
Gold prices are riding on the horse of speed in the country’s futures market Multi Commodity Exchange. At 9.45 am, gold prices are trading at Rs 1,22,180 per ten grams with an increase of Rs 1069 per ten grams. Which is a new record level. However, the price of gold opened at Rs 1,21,945 at 9 am. A day ago, gold prices had closed at Rs 1,21,111. In the month of October, an increase of Rs 4,915 per ten grams has been seen in the prices of gold. This means that investors have got returns of more than 4 percent. According to experts, if the similar rise in gold prices continues, then before Diwali, gold prices in the futures market may cross the level of Rs 1.25 lakh.
Silver price also rises
On the other hand, a good rise is being seen in the prices of silver. On the Multi Commodity Exchange, at 9.55 am, silver prices are trading at Rs 1,47,460 with an increase of Rs 1,668. Whereas during the trading session, the price of silver rose by Rs 1,729 and reached a record level of Rs 1,47,521 per kg. However, silver prices opened at Rs 1,46,999 at 9 am. A day ago the price of silver had closed at Rs 1,45,792. An increase of Rs 5,315 has been seen in the price of silver in the month of October. This means that silver prices have increased by 3.74 percent in the futures market.
Crosses 4000 dollars in foreign market
Gold prices in foreign markets have crossed the record level of 4 thousand dollars. This is the first time that the prices of both gold future and spot in foreign markets have crossed 4 thousand dollars. If we look at the data, gold future has reached a record level of $ 4,043.50 per ons. Whereas the last traded gold future of last year was at $ 2,641 per ounce. This means that the prices of gold futures have seen an increase of more than 1400 dollars i.e. more than 53 percent.
If we talk about the gold spot, there is a line of records here too. During the trading session, gold spot prices rose by $ 36 per ons to $ 4,021.53. Which is a new record. The special thing is that in the current year the price of gold spot has seen an increase of more than 53 percent. On the last trading day of last year, the price of gold spot was $ 2,623.81 per ounce. This means that till now the price of gold spot has seen an increase of $ 1,397.72 per ounce.
Who is driving away the gold?
Gold, traditionally seen as a hedge against volatility, has seen a huge surge in demand as investors turn to the safe haven for a variety of reasons. Low interest rates have increased the attractiveness of gold by reducing the opportunity cost of holding non-yielding assets. Additionally, increasing purchases by central banks and a weak US dollar have further increased its attractiveness. Global demand for gold hit record levels this year, with investment in exchange-traded funds (ETFs) reaching $64 billion – of which $17.3 billion was added in September alone, according to World Gold Council data, Reuters reports. On the other hand, China’s central bank has also increased its gold holdings, which according to the data of People’s Bank of China, was seen at 74.06 million fine troy ounces at the end of September, which was 74.02 million ounces a month earlier.