New Delhi: Good news has come on the first business day of the week for those investing in Gold. The price of gold has crossed Rs 60,000 per 10 grams for the first time. Gold has got support from the fall in the stock markets. The deepening of the banking crisis has created a ruckus in the stock markets around the world and gold is benefiting from it. On the Multi Commodity Index (MCX), gold for delivery on April 5 is trading at Rs 60,338, up by about Rs 970, or 1.61 per cent. Earlier, its all-time high on MCX was Rs 58,847 per 10 grams. Gold is considered safe. It has gained a lot of momentum in the current financial and economic conditions. In the coming days, it can go up to Rs 64,000 per 10 grams. The meeting of the US Federal Reserve to be held this week is considered important. Only after this the path to gold will be decided.
Rahul Kalantri, VP (Commodities), Mehta Equities, said that gold is a safe investment. Right now the financial and economic conditions are right for gold to shine. Internationally, its price can go up to $ 2,185 per ounce (28.34 grams). At the domestic level, its price can reach up to Rs 64,000. Investors have turned to gold because of the banking crisis triggered by the collapse of Silicon Valley Bank and other banks. There has been a lot of weakness in US bond rates and the dollar index has also fallen. This is a favorable condition for sleeping. The US Federal Reserve is scheduled to meet on March 22. Its policy outcome will decide the future course of gold.
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Why is the brightness increasing
Anuj Gupta, Vice President (Commodity & Currency Research) at IIFL Securities, said that the price of gold can reach Rs 62,000 per 10 grams in the next one month. He said that it can be bought for around Rs.60,000. That is, if someone buys it now, then in a month he can get a profit of two thousand rupees. Gupta said that the pressure on America’s economy is increasing. Therefore, it is not yet clear whether the Fed Reserve has enough room to raise rates. Gold is considered the safest investment in times of uncertainty. This is the reason why the fear of banking crisis and recession has increased the shine of gold.
