Gold crosses 1 lakh for the first time in futures market, more than 26 percent returns in 4 months
Gold 1 Lakh: Gold reached the first time in the futures market due to weak dollar, US-China trade war and fears of economic recession. This year, gold is considered to be the safest investment. The price of gold has increased by about 21 thousand rupees or 26.41 percent per 10 grams since 31 December last year.
The August delivery contract of gold on the Multi Commodity Exchange (MCX) reached a new peak of Rs 2,048, or 2.1 percent to Rs 1,00,000 per 10 grams. Later, gold was trading at Rs 99,790 per 10 grams, with a gain of Rs 1,838, or 1.88 per cent, with an open interest for 2,492 lots.
Apart from this, the October contract on MCX jumped Rs 2,016, or 2.04 percent to a record high level of Rs 1,00,500 per 10 grams. Meanwhile, June contract with the highest trading rose by Rs 2,079, or 2.14 percent, reached a record level of Rs 99,358 per 10 grams.
Analysts said that after disclosing the plan to improve the Federal Reserve by President Donald Trump, there was a jump in gold due to concerns about the US monetary policy.
According to HDFC Securities Senior Research Analyst (Commoner) Soumil Gandhi, the price of gold in 1990 was Rs 3,200 per 10 grams and if the price at the end of 2024, it was Rs 77,913 per 10 grams. If we calculate the annual growth returns of the last 34 years, it is about 9.80 percent, and… Gold performance from the beginning of 2025 to 21 April, it has given about 26.20 percent returns.
Gold futures in international markets rose at a record high of $ 83.76 an ounce or 2.44 percent to a record high of $ 3,509.06 an ounce. Later it fell below the record level and gained $ 65.95 or 1.93 percent to $ 3,491.25 an ounce.
The Vice President of the commodity of Mehta Equalies Limited, Rahul Kalantar said that gold prices in international markets first crossed the level of $ 3,500 an ounce and also crossed the level of 97,000 in domestic markets. The price of precious metals is supporting the prices of precious metals due to uncertainty in global financial markets and the rise of the US-China trade war.
Trump reiterated his call to cut interest rates from the Federal Reserve, saying that the US economy may slow down if the Federal Reserve does not immediately cut interest rates. (Language)
Edited by: Nrapendra Gupta
