Gold Price Nears Rs 1 Lakh: On Monday, gold (Gold) futures prices were seen to be a huge jump of Rs 1 thousand 493 due to increasing demand in the global market and it crossed a psychological level of Rs 96 thousand per 10 grams. The gold contracts for June delivery on the Multi Commodity Exchange (MCX) continued to perform brilliantly in the third consecutive trading session and it touched a new peak of Rs 1,493, or Rs 96,747 per 10 grams in early trade.
Later, the record retreated rapidly to Rs 1,346, or 1.41 percent, to Rs 96,600 per 10 grams, with a turnover of 21,540 lots. Similarly, the follow -up contract for August delivery rose by Rs 1,464, or 1.53 percent to a record high of Rs 97,360 per 10 grams at MCX. Jens markets were closed due to ‘Good Friday’ on Friday.
Why the price of gold is increasing: Analysts stated that the ongoing trade tension between the US and China has increased global uncertainty, inspired investors to look for safe comfortables. He said that gold is likely to continue to rise until a solution is found between the world’s two largest economies.
Gold safest investment: In global markets, gold futures reached a new level of $ 3400.86 an ounce. The Vice President of the commodity of Mehta Equality Limited, Rahul Kalantar said that gold prices rose due to the weakening of US dollar and a safe investment amidst the global trade concerns and it reached the new record level.
He said the US dollar reached a two -year low after President Donald Trump on a continuous attacks against the US Federal Reserve President Jerome Powell on Thursday. Their employees are considering replacing Powell, the step that will have a serious impact on the central bank’s freedom and global markets. (Language/Webdunia)
Edited by: Vrijendra Singh Jhala
