Gold prices surged to a new peak, soaring to Rs 65,350 per 10 grams of 24-carat gold in Bhubaneswar on Friday. This indicates a notable increase of over Rs 2,700 within the initial week of March last week. Similarly, the 22-carat gold also saw a surge in price which climbed to Rs 60,650 in Bhubaneswar on Saturday.
A week ago, 22-carat gold was being sold at Rs 57,600 per 10 grams in Bhubaneswar.
As per the experts, this remarkable uptrend in the value of the precious yellow metal is primarily attributed to the anticipation of an interest rate cut by the US Federal Reserve in June.
This expectation has ignited bullish sentiments in both domestic and international markets, further fuelling the rise in gold prices.
On the other hand, MCX Silver witnessed a downtrend following its positive closure last week.
The surge in gold prices can be attributed to the decline in the dollar index (DXY), which has once again dipped below the 104 mark. Presently, it stands at 103.80 against a basket of six major currencies, showing a degree of stability. Over the past five trading sessions, the dollar index has experienced a 0.17% depreciation.