Gold Price Today: Gold prices at record high… know where the price has reached – Dainik Savera Times
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New Delhi. Due to the price of gold in the international market remaining at a new record level for the seventh consecutive day, its price in MCX domestically reached an all-time high of Rs 69,908 per 10 grams on Thursday. June gold futures on MCX opened at Rs 69,868 per 10 grams in morning trade. After this, after the news of the precious metal reaching a high of $ 2,323.70 per ounce in the international market, it reached Rs 69,908 per 10 grams.
According to market experts, the latest surge came after US Federal Reserve Chairman Jerome Powell’s speech on Wednesday, in which he hinted at cutting interest rates in the near future. Low interest rates make investment in financial instruments less attractive, which increases the inclination towards buying gold.
Gold prices have increased by about 11 percent so far this year in view of increasing tensions due to Israel-Hamas conflict and Russia-Ukraine war. It is being seen as a safe investment amid geopolitical and economic uncertainty. Under the leadership of China, central banks of various countries are also buying gold in large quantities, due to which the prices have increased.
The wedding season in the Indian market has increased the demand for gold as it is gifted to brides and grooms in large quantities as jewellery. However, bullion traders believe that rising gold prices are reducing this demand. According to him, this is also reflected in the declining imports of the precious metal.
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