Gold is increasing rapidly in 2024, has increased by more than 10% so far, price reached Rs 70 thousand

Gold is increasing rapidly in 2024, has increased by more than 10% so far, price reached Rs 70 thousand

Once again the bullion market is on the rise in the country. The reason behind this has been said to be the strength of the world gold market. At the same time, there is a continuous rise in the domestic bullion market. In most of the bullion markets of the country, 24 carat gold has crossed Rs 70 thousand. The rising price of gold is continuously breaking records. The record low prices of gold are believed to be behind a weak dollar and expectations of a cut in petrol reserves.

Let us tell you that the price of gold has been increasing rapidly since the beginning of the year 2024. The price of the yellow metal is continuously touching new heights. Gold started trading at 2062.94 at the beginning of the year 2024, which has now increased by about 13%. There are many important factors behind this continuous increase in the price of gold.

This year there has been a significant rise in the gold market. Its prices have reached its highest level. The weak performance of the US dollar is also considered to be the main reason behind this. The US dollar has fallen from its highest level in the last four months to 104.70. In such a situation, the price of gold has reached more than $ 2270 per ounce.

The Federal Reserve’s monetary policy has also played an important role in ensuring that investment is in line with expectations, thereby boosting prices. It is estimated that the Federal Reserve is likely to cut interest rates three times in 2024. For this reason, there has been an incentive to invest in gold.

At the same time, investment in gold has also been greatly affected by the economic scenario. Gold prices also increased due to the return of Manufacturing, Purchasing, Managers Index and strong US growth. It is noteworthy that the year 2024 has proved to be an important milestone for gold prices. During this period, the price of gold has created a new history by reaching unprecedented levels.

Source link