2024-04-09 19:51:17
New Delhi: The new records of rise in gold and silver are surprising everyone. On Monday, gold crossed Rs 71 thousand per 10 grams, while the price of silver also reached Rs 81 thousand per kilogram. According to IBJA, due to the rise in the international market, gold rose by Rs 1,397 to Rs 71,279 in the domestic market on Monday. On Friday, gold had closed at Rs 69,882, while the price of silver rose to a new peak of Rs 81,383 per kg. Despite this, on Monday, customers were seen at the retail counter making advance booking for Gudi Padwa. After the decision of US Fed, gold has become costlier by Rs 7,700 per 10 grams in 2024 itself. According to sources, there is talk of huge buying in China, but it is not clear who is doing this buying. It is reported that a contract for 61 tonnes of gold has been purchased in China, which is 10 percent of India’s total requirement.
Gold Price Today: Gold reaches all-time high, why is it rising? Found out the real reason
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IBJA National Secretary Surendra Mehta said about this, ‘We do not have any concrete information on this, but in paper trading, big fund houses buy in large quantities. They are so powerful that they even make short sellers book losses and exit. According to commodity expert Ajay Kedia, due to increasing investment in gold due to geo-political tension and purchases being made by central banks around the world, gold can be seen at Rs 75 thousand. Naveen Mathur, Commodity-Currency Director of Anand Rathi Shares and Stock Brokers, says that gold will continue to rise further.
why is gold shining
Kainat Chenwala, senior manager of commodity research at Kotak Securities, said Comex gold price hit $2372.5 per troy ounce on Monday while the price of 10 grams of gold on MCX crossed Rs 71,000 for the first time. Gold prices are rising due to increasing geo-political tensions, increased purchases of gold by central banks and the possibility of the US Federal Reserve cutting interest rates. Israel and Hamas have rejected the possibility of talks for a ceasefire, while Iran has threatened to avenge the attack on its embassy in Syria. China’s central bank has purchased gold for the 17th consecutive month in March.