New Delhi. Gold is making new records every day, now the prices of gold have reached the level of around Rs 78,000 per 10 grams. The continuously rising gold prices for the last few days indicate a decrease in demand during festivals, which has increased the volatility in the market.
This rise in gold prices has continued for four days, and it has reached a new all-time high of $2727 (approximately Rs 77,640). With major central banks cutting interest rates, political uncertainty and tensions in the Middle East have further boosted the prices of the precious metal.
The European Central Bank recently cut interest rates, marking the first sustained cut in the last 13 years. Amid this deteriorating economic outlook, further cuts are expected. The tough contest between Donald Trump and Kamala Harris in America and the possible escalation of war in the Middle East has taken gold prices to record highs.
In India, gold prices hit a new high of Rs 77,641 per 10 grams on the Multi Commodity Exchange (MCX), mirroring gains in the international market. Internationally, gold prices rose by 0.72% to $2,727.2 an ounce. Spot gold prices have also reached the level of $2,712.43 per ounce. Experts say this increase in gold prices may impact the demand for shopping in the upcoming festivals, although high prices have become a matter of concern for buyers. Investors and consumers are now keeping in mind that gold prices may increase further in the coming days, due to which there is instability in the market.
Source : palpalindia
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