Gold has made a comeback once again. In fact, expectations of the Fed cutting interest rates have once again given wings to gold. Due to which an increase of Rs 8600 has been seen in the prices of gold from the lower level of 18th November. This means that gold prices have seen an increase of 7 percent in two weeks. If we talk about the current week, the price of gold has seen a rise of Rs 1,450.
As TV9 Bharatvarsha has told you in its earlier report, by the end of the week the price of gold may see a rise of Rs 5000. After which gold can break the old record of Rs 1.34 lakh. Experts say that if gold crosses the level of Rs 1.35 lakh, then soon the price of gold may move towards the level of Rs 1.50 lakh. Let us also tell you what kind of rise is being seen in gold prices and by when can the prices reach the level of Rs 1.50 lakh.
Tremendous rise in gold prices
On Wednesday, there is a tremendous rise in the prices of gold on the country’s futures market Multi Commodity Exchange. According to the data, gold appeared at the day’s high at Rs 1,30,955 with a rise of Rs 1,196. Whereas at 9.20 am, gold prices were trading at Rs 1,30,658 with an increase of about Rs 900. However, a day ago, gold prices had fallen and closed at Rs 1,29,759. Gold prices are still trading with a fall of more than Rs 3000.
How much has happened in two weeks?
If we talk about the last two weeks, an increase of more than 7 percent has been seen in the prices of gold. On November 18, gold prices were trading at lower level at Rs 1,22,351. In which till now an increase of Rs 8,604 per ten grams has been seen in the prices of gold. If we talk about the month of December, an increase of Rs 1451 per ten grams has been seen in the prices of gold. According to experts, further increase in the price of gold has been seen in the current week. Besides, gold’s lifetime high record of Rs 1,34,024 may also be broken.
Will gold go to Rs 1.50 lakh?
Gold is likely to reach Rs 1.5 lakh in the coming months. The recent surge in precious metals – with silver hitting new lifetime highs on COMEX and MCX – has further strengthened a strong bullish backdrop for gold, Jigar Trivedi of Reliance Securities said in an ET report. He said that COMEX gold is benefiting from falling real yields, expectations of Federal Reserve interest rate cuts, weak US dollar and continuous buying by central banks. Additionally, increasing geopolitical and macroeconomic uncertainty is increasing the demand for safe investments.
Apart from this, Augmont’s Research Head Renisha Chainani also attributes the rise of gold to a mix of domestic and global factors. Speaking to ET, he said gold is bullish on expectations of Federal Reserve interest rate cut, weak US dollar, demand for inflation protection, geopolitical risks, increased buying by central banks, strong physical buying in India, portfolio diversification and limited supply versus steady demand. He said that gold has entered a major resistance zone between Rs 1,30,000 and Rs 1,32,000. On the possibility of a price of Rs 1.5 lakh, Chainani said that a price of Rs 1,50,000 can be achieved in the year 2026.
Profit booking may happen in short term
Analysts also indicated that if US yields improve or the dollar strengthens, it could fall even more sharply. Trivedi said that gold is reaching a level where there is a possibility of short term consolidation or profit booking. Nevertheless, the medium-term outlook remains positive due to structural demand and prevailing global risk concerns. While the Rs 1.5 lakh target is widely watched, both domestic and international analysts suggest the path forward may involve short-term volatility, and the broader trend is still tilted in favor of a bullish move.
Silver again made a record
On the other hand, silver is making new records every day. Also, it is progressing rapidly at the level of Rs 2 lakh. If we look at the data, the price of silver on Multi Commodity Exchange has increased by Rs 3,126 and reached a life time high of Rs 1,84,727 per kg. However, at 9.35 am, the price of silver was seen at Rs 1,84,093 with an increase of about Rs 2,500. Silver opened with a rise this morning at Rs 1,83,799. In the current year, silver has given a return of 112 percent.