Gold’s shine will remain on New Year, gold can reach Rs 70,000 – Dainik Savera Times
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At present, gold in commodity exchange MCX is at the level of Rs 63,060 per 10 grams. In the international market it is around US $ 2,058 per ounce. At present the rupee has crossed 83 per dollar. In early December, due to global tensions, gold prices once again rose in West Asia.
Emerging market traders estimate that the cycle of interest rate hikes is more or less over. However, there has been a lot of fluctuation in gold prices this year. On May 4, the price of yellow metal in the domestic market reached a new all-time high of Rs 61,845 per 10 grams.
In global markets it reached a new high of $ 2,083 an ounce. Later on November 16, gold touched a record high of Rs 61,914 per 10 grams. Gnanasekar Thiagarajan, director of Comtrendz Research, said, “Gold remains attractive as a safe investment option.
This is the reason why on December 4 this year, the price of gold reached a new record of Rs 64,063 per 10 grams. It reached a high of $ 2,140 an ounce in the global market. He said, “We hope that in 2024 it will finally reach $ 2,400 an ounce in the international market.”
In the domestic market, gold can reach the level of Rs 70,000 per 10 grams. He said that the rupee may weaken in the election year. This will increase the prices of gold at the domestic level. Ravindra Rao, vice president – head of commodities research, Kotak Securities, said retail jewelery buying may face headwinds from higher domestic prices in India and China.
If the current pace continues, demand from central banks could exceed last year’s record. Rao said that although gold prices may remain high for some time, the yellow metal will remain attractive due to the current geopolitical environment, slow global growth and economic uncertainty.
All India Gem and Jewelery Domestic Council (GJC) chairman Sanyam Mehra said fluctuations in gold prices have impacted sales and despite 30-35 lakh weddings this year, the yellow metal business will more or less remain the same as in 2022.
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