Tag: Gold Price

Gold prices have been driven up by the safe haven demand by investors in the wake of uncertainty caused by rising geopolitical tensions.

Gold futures on MCX recorded an increase of Rs 779 per 10 grams which is 1.09 per cent above the previous trading session’s closing price of Rs 71,644.

The price of 24-carat gold in Delhi on Monday was hovering around Rs 71,430 per 10 gms while in Mumbai it was around Rs 71,280 per 10 gms

Gold prices in Bhubaneswar hit a record high of Rs 71,330 per 10 grams on Thursday. The price of 10 grams of 24-carat touched Rs 71,330, while that of 22-carat gold reached Rs 63,800. As per experts, gold can reach close to Rs 72,000 in next few weeks if the price rise continues with the same trend. 

The experts are also apprehensive of any change (decrease) in rates of the yellow metal anytime soon given that the marriage season is on the cards.

In the international market, spot gold was up 0.2 per cent at $2,283.76 per ounce in morning trade after touching an all-time high of $2,288.09 earlier in the session.

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.

The price of the precious metal in Mumbai, Delhi, Bengaluru and Kolkata was hovering at Rs 63,760 per 10 gm, which was Rs 810 higher than the previous day.

The precious metal had closed at Rs 60,800 per 10 grams in the previous trade.

The sharp increase in the price of the yellow metal comes ahead of the auspicious Dhanteras occasion for buying gold on November 10, as well as the approaching festive and wedding season when the demand for jewellery shoots up.

Contrary to the usual trend of gold moving up significantly in the weaker dollar scenario, the safe haven status has assumed significance despite a strong dollar scenario, the report said.

The price of 10 grams of gold has become costlier by Rs 1,000 while its price was up by Rs 550 alone on Tuesday.

In September, gold was sold at Rs 55,000 per 10 grams for 22-carat. Now, following the drop, the prices have come down to Rs 53,000. 

Many believe that there is a possibility of a further drop in the prices of gold by another 5 to 10 per cent in the coming days. It is said to be the perfect time for investors to invest in gold.

Be that as it may, a policy rate cut by the US Federal Reserve combined with higher-than-average inflation will result in a structural up move in gold prices, said Quantum Asset Management Company (AMC).