Gold prices in India reached a record high level of 96 450 rubles for 10 grams due to strong demand and global tension, especially in the US-Kita trade war.
Gold Prices Violation Rs 96000 Mark
Gold prices in India flew on Friday, reaching a historical high of 96,450 for 10 grams in the national capital, reports the Association of the “All India”. This steep splash of Rupee 6250 was mainly due to the high demand of local jewelers and sellers.
Experts say the rise in prices in the world markets has also played a major role. Increasing tensions between the US and China, especially after the new round of tariffs, has pushed investors around the world to gold, which is often regarded as a safe investment at indefinitely.
On Wednesday, 99.9% of gold was at 90 200 rubles for 10 grams. On Friday, 99.5% purity also grew, jumping on Rs 620 to 96,000 rubles per 10 grams, which is compared to the previous closure of Rs 89 750. This sharp increase occurred after four days of a permanent decline in gold prices. The markets remained closed on Thursday from Mahavira Jeanti.
Silver also followed the trend. It rose sharply by 2300 to 95 500 rubles per kilogram, which is compared to 93 200 rupees. Increasing silver prices also reflects a strong trend that is observed in the world markets.
On the futures market of gold for June, delivery rose to Rupees 1703 to reach a maximum of 93,736 for 10 grams on the long -term commodity exchange (MCX).
Jateen Trivedi, VP and Analyst at LKP Securities, stated that gold prices on MCX continued to beat records, despite the fact that Rupee was gaining strength. The main reason, he said, is the increasing tensions between the US and China, especially after both countries presented new tariffs for goods with each other.
In the world markets, Spot Gold touched upon a new maximum of $ 337.39 per ounce before dropping slightly. COMEX GOLD futures also reached a record level of $ 3249.16 per ounce.
Kaynat Chainwala of Kotak Securities noted that the Gold demand as a “safe shelter” is increasing from the fears of global slowdown, weakening the US dollar and increased geopolitical tensions.
The UBS Investment Bank has added that problems such as fears of recession, stagflation and central banks worldwide, buying gold in large quantities more than 1000 metric tons annually in the last three years – suggest that gold prices will continue to rise in the long run.
As the US is in the middle of the trade war, investors are removing the US dollar, making gold even more attractive.
