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Monday, May 20, 2024

Yellow metal soars to a record high of Rs 65K per 10 gram, up Rs 800

<p>In the face of robust worldwide trends, gold prices on Tuesday increased by Rs 800 to reach a new record high of Rs 65,000 per 10 gm in the national capital, according to HDFC Securities. The precious gold had ended at Rs 64,200 per 10 gm at the previous close.</p>
<p><img decoding=”async” class=”alignnone wp-image-476785″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-yellow-metal-soars-to-a-record-high-of-rs-65k-per-10-gram-up-rs-800-2024-3largeimg.jpg” alt=”theindiaprint.com yellow metal soars to a record high of rs 65k per 10 gram up rs 800 2024 3largeimg” width=”1079″ height=”812″ title=”Yellow metal soars to a record high of Rs 65K per 10 gram, up Rs 800 12″></p>
<p>Moreover, silver increased by Rs 900 to Rs 74,900 per kilogram. It had finished at Rs 74,000 per kilogram in the prior transaction. Taking positive signals from the foreign markets, spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,000 per 10 gm, up Rs 800. “On Tuesday, spot gold reached a new all-time high of Rs 65,000 in domestic markets,” said Saumil Gandhi, senior commodities analyst at HDFC Securities. Comex’s current price for gold was $2,110 an ounce on the global markets, up more than 1% from the previous close.</p>
<p>Growing rumors that the US Federal Reserve may lower interest rates in June have caused gold prices to rise. about the last three days, MCX has experienced a rise of about Rs 2,400.</p>
<p>Jateen Trivedi, VP Research Analyst at LKP Securities, said that “the rise was also fuelled by signs of slowing industrial and construction spending in the US, coupled with a decrease in inflationary pressures.” The demand for short sales has also decreased due to increased geopolitical tensions, which has increased the appeal of yellow metal as a buy-on-dip investment. The price of silver was also higher, at $23.88 per ounce. It had finished the last transaction at $23.09 an ounce.</p>
<p>“The prices of gold and silver are rising, even with the dollar being stable in the foreign exchange market. Investors have shifted to safer assets due to steady movements in global stocks and uncertainties around the US Federal Reserve’s interest rate-cutting plans, according to Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial.</p>

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