Amid geopolitical concerns, gold prices hit new high as wedding season nears

Gold prices on Tuesday achieved a historic milestone as it hit Rs 64,000 per 10 grams during the day’s trade.

In Bhubaneswar, 24-carat gold was priced at Rs 62,150, while the 22-carat gold was priced at Rs 57,700. In Rourkela, 24-carat gold was priced at Rs 64,400 and 22-carat gold at Rs 57,960.

It is being said that due to the spread of an unknown disease in China, people no longer feel safe to invest in gold. Apart from the disease, the dollar index has also fallen. That's why central banks around the world are buying a lot of gold. As a result, the price of gold is said to have increased.

As per the experts, if this situation continues, then in the next year, gold can reach close to Rs 70,000 per 10 grams.

India is world’s second-biggest consumer of gold, after China. The bulk of the gold requirement is met through imports and domestic bullion recycled locally. So apart from international prices, which are denominated in dollar, import duties and other taxes play a role in determining domestic gold rates.

It is, however, to be noted that the daily rates mentioned above do not take into account GST, TCS, and other levies which, therefore, means that these are only indicative. Only a local jeweller can give the exact price for a particular day.