Gold prices soar to record high

Mumbai: Gold prices rose to a new lifetime high of $2,263.53 per ounce in the international market on Monday as geopolitical tensions increase in Central Asia, and the US Fed has signalled a rate cut.

Tracking the rally in the international market, the MCX gold price in India (Gold Futures contract for April 2024 expiry) soared to a record high of Rs 69,487 per 10 gm in opening trade and was hovering at Rs 68,828 at 11:26 am.

“The rise in gold prices has been triggered by the US Fed signalling a rate cut…Gold has continuously been the fond asset class for central banking and safe-haven investment avenue,” said Colin Shah, Founder and MD of Kama Jewelry.

Expectations of low interest rates make financial instruments less attractive for investors compared to gold leading to increased purchases of the yellow and the rise in prices.

Rising geopolitical risks and buying by central banks, led by China have also fuelled gold prices. With no end in sight to the Russia-Ukraine war and the Israel-Hamas conflict spreading to the Red Sea region, gold is seen as an attractive safe haven asset by investors amid geopolitical uncertainty.

The demand for gold in the domestic market is fuelled by the need for precious metal in marriages as it is gifted to brides and grooms in large quantities as jewellery. However, jewellers are of the view that the soaring gold prices may dampen this demand. This is also reflected in the declining imports of the precious metal, according to them.

“Gold prices have moved steadily higher over the last six months as expectations of a dovish Fed policy have been gaining ground. The fall in interest rates is positive for gold prices. The gold prices breaking key long-term resistance levels indicate there may be strong momentum which may continue over the near to medium term, some profit may not be ruled out though,” said Dr Joseph Thomas, Head of Research at Emkay Wealth Management.


Sensex plunges 793 points amid worries over delayed US rate cuts

Mumbai: The BSE Sensex plunged almost 800 points on Friday amid heavy selling in frontline stocks. While the Sensex closed 793 points, or 1.06 per cent, down at 74,244.90, the...

Musk confirms India visit, to meet PM Modi

New Delhi: Tesla and SpaceX CEO Elon Musk has confirmed his visit to India, saying that he is looking forward to meeting Prime Minister Narendra Modi in the country. "Looking...

India records 17 pc jump to become 4th largest exporter of digital services: WTO report

New Delhi: India registered a 17 per cent jump in the export of digitally delivered services to a staggering $257 billion to become the world's fourth-largest exporter in the segment,...

300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals

New Delhi: The strength of the Indian economy, which has emerged as the fastest growing in the world, is being amply reflected in the stock markets with the BSE clocking...

Tesla’s entry in India a natural progression: Elon Musk

New Delhi: The entry of Tesla in India, as the company scouts for factory land, will be a natural progression, its CEO Elon Musk has said, as the country gears...

Ola to shut global operations, to focus on Indian market

New Delhi: Ride-hailing company Ola on Tuesday said it has decided to shut down all of its existing global markets, namely the UK, Australia and New Zealand amid rising competition....

Led by gains in auto stocks, Nifty soars to fresh record high

Mumbai: The Nifty started a fresh week by climbing to a new record high and closing level on Monday led by gains in automobile stocks, said Deepak Jasani, Head of...

Apple ecosystem building workers’ homes another milestone in PM Modi’s PLI scheme: Minister

New Delhi: Union minister and Thiruvananthapuram BJP candidate, Rajeev Chandrasekhar, on Monday, said that it is due to the visionary production-linked incentive (PLI) scheme of Prime Minister Narendra Modi that...

Wage talks break down at Samsung, labour unions vote for strike

Seoul: Unionised workers at tech giant Samsung have voted in favour of a strike after failing to reach a deal on wage hikes with management, industry sources said on Monday....

RBI’s decision on 3rd-party UPI apps to democratise wallet market: Experts

New Delhi, April 5 (IANS) Industry experts on Friday welcomed the move by the Reserve Bank of India (RBI) to permit the use of third-party UPI apps for making digital...

RBI allows cash deposits in CDMs via UPI

Mumbai: The RBI has decided to allow bank customers to deposit money in Cash Deposit Machines (CDMs) through UPI as part of its policy to enhance convenience in carrying out...

RBI okays use of 3rd party UPI apps for payments from PPI wallets

Mumbai: The RBI has decided to permit the use of third-party UPI apps for making UPI payments from PPI wallets to further enhance customer convenience and boost adoption of digital...

Read Previous

PM lauds RBI, says India must become financially ‘Atmanirbhar’ in 10 years

Read Next

PM lauds RBI, says India must become financially ‘Atmanirbhar’ in 10 years

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By :