Gold hits new high in international market, may rise in India too. Loktej Business News
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New Delhi, March 21 (HS). Gold has reached a new record high in the world gold market. The price of gold in the international market today crossed the level of $ 2,200 per ounce for the first time. This surge in the world gold market is believed to be due to the US Federal Reserve indicating an interest rate cut. There is a possibility of gold reaching new high in the Indian bullion market also.
There has been a continuous rise in the price of gold since mid-February this year. Due to geopolitical risks, central banks of many countries of the world are continuously purchasing gold to strengthen their reserves, due to which the price of this shiny metal has increased. Along with this, due to the encouraging signal from the US Federal Reserve, spot gold in the world gold market today strengthened by 0.70 percent and reached the highest level of $ 2,201.94 per ounce.
Last week also, traders in the international market had created long positions in gold, due to which this shiny metal reached its highest level since 2019. In such a situation, on Wednesday, US Federal Reserve Chairman Jerome Powell once again hinted at cutting interest rates and created an atmosphere of excitement in the gold market. It is believed that if the US Federal Reserve cuts interest rates as per its signals, the price of gold may rise further in the international market.
According to gold market expert Mayank Mohan, there are speculations of economic recession in many countries due to geopolitical risk. Due to this, the central bank of a big economic power like China has also increased the purchase of gold in the international market. Along with this, due to the decline in the property market, apart from China, people’s trust in gold has increased in many countries of Europe also. In such a situation, the purchase of gold is increasing continuously, due to which the price of this shiny metal has increased. It is believed that if gold continues to strengthen in the world gold market, then gold can reach new heights in the Indian bullion market also.
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