New Delhi. Gold prices saw a tremendous jump on Monday. It reached a new record level of 85,300 per 10 grams for the first time. The rise in gold prices was recorded due to the ever-increasing demand and strength in international markets. According to the All India Sarafa Association, the fall in rupee and strong global trends are the major reasons for the increase in gold prices.
Latest prices of gold and silver (Gold & Silver Prices Today)
Gold (24 carat): ₹85,300 per 10 grams
Gold (22 carat): ₹84,900 per 10 grams
Silver: ₹96,000 per kg (₹300 increase)
Gold closed at ₹84,900 on Saturday.
Gold prices rose for the fourth consecutive day.
Gold rising due to fall in rupee
The Indian rupee fell 55 paise to close at 87.17 per dollar against the dollar on Monday. This is its new all-time low. In fact, US President Donald Trump has imposed tariffs on Canada, Mexico and China. After this decision, instability increased in the global markets. This also caused the rupee to fall. The weak rupee is considered to be a major reason for the rise in gold prices.
Status of gold and silver in the futures market
Gold for April delivery on MCX rose by Rs 461 (+0.56%) to Rs 82,765 per 10 grams.
During the presentation of the budget on Saturday, the price of gold jumped by Rs 1,127 to Rs 83,360.
Expert opinion on the rise in gold prices
Jateen Trivedi, research analyst at LKP Securities, says that the fear of a possible Trade War 2.0 in the US has strengthened gold as a Safe Haven Asset. Investors are now investing more in gold. The reason for this is the fierce volatility in the stock market and other assets.
At the same time, according to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, there is now a slight increase in the prices of gold. He says that the reason for this is the strengthening of the dollar and profit booking in the US market.
How will the prices of gold be in the coming days?
This week, investors will keep an eye on US macroeconomic data. This includes JOLTs job openings, ISM services data, ADP employment report and non-farm payroll data data. On this basis, the economic health of the US will be known and investors will buy or sell gold accordingly.
Praveen Singh, Associate VP of Commodity at Mirae Asset Sharekhan, says that after the arrival of these data points, the direction of gold prices will be decided. If global instability increases, gold can go up further.
What should gold buyers and investors do?
Is this the right time to invest in gold?
According to experts, the answer is yes, because due to the fall in rupee and global uncertainties, gold prices may increase further in the long term.
Will it be right to invest in silver?
Silver prices are also rising rapidly. This can also be considered a good investment option.
What should jewelry buyers do?
Experts believe that if gold prices fall, it could be a good opportunity to buy.
Can gold cross Rs 90,000?
If Trump’s tariff war gains momentum, it will increase financial instability. Its effect will be seen in the form of a rise in gold prices.
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