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Tuesday Feb 07, 2023

Gold Price Hike | Gold price reaches record high, will soon cross 60000 per 10 grams, read report


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Delhi: Everyone likes to buy gold in India, whether it is a wedding, a festival or a function seems incomplete without buying gold. Because of which the demand for gold also never decreases. On the other hand, when people buy more gold, its price also increases. Gold prices in Indian markets have again reached another record high today. On MCX, gold rose by 0.3% to Rs 56,850 per 10 grams, while silver rose to Rs 68,743 per kg.

Rising dollar price became the reason

Gold was trading at Rs 56,700 per 10 grams on the Multi-Commodity Exchange today, up by Rs 154 or 0.27%. That is, in less than three months from the beginning of November, gold has gained about ₹ 6,000. Central bank buying of gold should boost the sentiment and gold prices should go up. It is expected that in the year 2023, gold prices may reach Rs 60,000-63,000 per 10 grams. According to a report, in the year 2023, gold can reach Rs 58,000 to Rs 60,000 per 10 grams. Due to the rising dollar price, the price of gold has skyrocketed and the price of gold is skyrocketing.

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Prices skyrocketed in the last one month

In the international markets, gold remained at $ 1,932.50 an ounce. Among other precious metals, silver rose 0.6% to $23.98 an ounce, while platinum gained 0.1% to $1,033.69 and palladium fell 1% to $1,736.35. According to a website, on October 31 last year, the rate of 24-carat gold was Rs 50,480, while the rate of silver of 999 purity was Rs 58,755 per kg. However, according to the report, gold prices are rising very fast, compared to December last year, gold rates have increased very fast.



Gold-Silver Rate | Good news! Gold and silver prices fall, know the price of 10 grams of gold


Good news Gold and silver prices fall, know the price of 10 grams of gold

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New Delhi: In the bullion market of the national capital (Delhi), the gold rate fell by Rs 105 to Rs 56,082 per 10 grams on Thursday. HDFC Securities gave this information. In the last trading session, gold had closed at Rs 56,187 per 10 grams. Silver also declined by Rs 572 to close at Rs 68,754 per kg.

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An analyst at HDFC Securities said, “Spot gold traded at Rs 56,082 per 10 grams in the Delhi market. This shows a fall of Rs 105 per 10 grams. In the overseas market, gold was trading flat at $1,883 an ounce. While silver declined to $ 23.67 an ounce.

Navneet Damani, Senior Vice President, Commodities Research, Motilal Oswal Financial Services said, “Gold prices were flat in early Asian trading hours as traders awaited US inflation data. Inflation data will determine the further stance of the US central bank. (agency)



Gold Price Hike | big news! The price of gold may increase in the new year, you will have to pay this much for 10 grams


The price of gold may increase in the new year, you will have to pay this much for 10 grams

Mumbai: In the Indian market, the gold price is expected to reach Rs 60,000 per 10 grams in 2023 as more investors move towards safe assets in the new year. In the international market, gold prices fell from a high of $2,070 an ounce in March to a low of $1,616 an ounce in November and have been recovering since then. In early 2022, the price of gold was around $ 1,800 an ounce.

At present, the price of this precious metal in the international markets is $ 1,803 an ounce. On the commodity market Multi Commodity Exchange of India Ltd (MCX), gold is at Rs 54,790 per 10 gram when the rupee is close to 83 against the US dollar. A number of factors are expected to boost gold prices in the future such as geopolitical situation, recessionary concerns, inflationary trends and low demand for crypto assets.

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Gold has always been considered a safe asset in uncertain times. Ravindra V Rao, vice-president and head of commodity research at Kotak Securities, told PTI-language, “Gold is expected to trade in the range of $ 1,670-2,000 with a positive trend in the international market next year.” On MCX gold may trade in the range of Rs 48,500-60,000.” Although the demand for gold is likely to be flexible in 2023.

Rao said further tightening of interest rates by the US Federal Reserve could have a profound impact on gold prices in the first quarter of next year. Market experts believe that due to the Russia-Ukraine conflict, there was a short-term rise in gold prices. He said the Federal Reserve and other central banks raised interest rates during the year to manage inflation, which affected sentiment for gold. The gold price on MCX was Rs 47,850 per 10 grams at the beginning of the year and then reached a peak of Rs 55,680 per 10 grams in March.

In September, it came down to a low of Rs 48,950 per 10 grams. According to experts, it is expected to fetch at least $1,885 in international markets and Rs 57,000 per 10 grams in MCX. Any new geopolitical tension may push the prices further. Ashish Pethe, chairman of the All India Gems and Jewelery Domestic Council (GJC), said, “There has been a strong return in demand for gold and gold jewelery in the second half of 2022 (July-December). The increase in the price of gold has affected the retail counters. If gold rates stabilise, good sales are expected in the coming year.



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