Gold Price: There is a tremendous jump in the prices of gold in India. At present, gold is trading around Rs 84,000 per tola, and is likely to reach Rs 90,000 per tola soon. The results of the US elections and the fall in the rupee against the dollar are considered to be the main reasons behind this increase.
US elections and rise in gold prices
Gold prices have been rising steadily since the election results were announced in the US on November 5, 2024. After Trump’s victory, the price of gold has increased by $ 150 per ounce. On the day of the election results, gold was $ 2676 per ounce, while now it is trading at $ 2850 per ounce.
Prices increased due to fall in rupee
The weakness of the Indian rupee is also an important reason for the increase in gold prices. After Trump came to power, the rupee has fallen by Rs 2.54. On November 5, 1 dollar = Rs 84.12, which has now reached Rs 86.66. Since gold is imported into India in dollars, the strength of the dollar is making imports expensive and gold prices are going up.
Will gold prices go up to Rs 90,000?
According to experts, if the rupee depreciates further and gold prices rise in the international market, gold prices in India may go up to Rs 90,000 per tola.
Gold rise may continue in 2025 as well
Last year, gold gave investors a return of 30%. On January 1, 2024, the price of gold was Rs 64,430 per tola, which has now reached Rs 84,000. Market experts believe that the rise in gold may continue in 2025 as well, so investors should maintain their position.