The price of gold rose by Rs 70 to Rs 98,170 per 10 grams in a new record high level in the national capital’s bullion market on Thursday amidst strong global demand. According to the information of the All India Bullion Association, the price of gold with 99.9 percent purity rose by Rs 1,650 to an all -time high of Rs 98,100 per 10 grams on Wednesday. Gold of 99.5 percent purity also rose by Rs 70 to a new peak of Rs 97,720 per 10 grams, while its closed level on Wednesday was Rs 97,650 per 10 grams.
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Gold spot in foreign markets increased to high levels of $ 3,357.81 an ounce. Later, all this profit disappeared and was trading at $ 3,328.84 an ounce. Now the question in the man’s mind is that it is right to touch the price of gold and what height and how is it right to buy now as investment.
Why is there a boom in the price of gold
Chintan Mehta, Chief Executive Officer of Abans Financial Services, said, “Gold prices reached a record high due to increasing concerns over the global economic growth after the increasing trade war tension and US President Donald Trump’s fees announcements.” He said that gold prices continue to rise due to global uncertainty, the US-China trade war supply chains and are increasing the possibility of inflation and recession. Since markets are struggling with these risks, volatility remains, which strengthens the role of gold as a reliable ‘defense’.
How far can you go
Gold can reach $ 3,700 an ounce this year due to increasing trade war between American-China and the possibility of recession. According to the estimate of foreign investment bank Goldman Sachs, 10 grams of gold prices in India can go up to Rs 1.10 lakh.
Mehta said that, while increasing the spirit of rapid, major banks have taken a rapid positive stance on gold, which indicates selling on a wide basis in equity, bonds and currencies. Associate Vice President in Kotak Securities-Jins Research Kayanat Chanwala said that after warning by the US Federal Reserve chief Jerome Pavel that uncertainty over the US trade policy could be overshadowed by the economy, which could reduce global risk ability. Gold has continued its lead and touched a new all -time high level. According to HDFC Securities Senior analyst-Analyst Soumil Gandhi, investors are now monitoring US major economic figures including early unemployment claims and Philadelphia Fed Manufacturing figures released on Thursday.
How much gold and silver prices increased throughout the year
Since January 1, the price of 10 grams 24 carat gold has increased from Rs 76,162 to Rs 18,748 to Rs 95,207. The silver price has also increased from Rs 86,017 per kg to Rs 9,134 to Rs 95,151. At the same time, gold became expensive by Rs 12,810 in 2024 last year.
How right to buy gold now
The demand for gold jewelery is increasing due to the weather of weddings. According to jewelers from cities like Mumbai, Delhi and Chennai, sales are rose despite high prices, as people see gold as a symbol of investment and prosperity. If you are thinking of buying gold right now, then wait a little according to experts. Gold is a safe investment, but it is also necessary to enter the right time. If you want to invest in gold for long term, then this fast can continue further. However, the short term may also have a slight uproar in prices.
What is the price of silver
However, silver prices fell by Rs 1,400 to Rs 98,000 per kg. Silver closed at Rs 99,400 per kg in the last session. Silver, who spots in the Asian trading hours, fell by 1.37 percent to $ 32.32 an ounce. Input language edited by: Sudhir Sharma