On Thursday, gold rose by Rs 442 to Rs 50,399 per 10 grams in the Delhi bullion market. In the last trading session, the yellow metal had closed at Rs 49,957 per 10 grams.
On Thursday, gold rose by Rs 442 to Rs 50,399 per 10 grams in the Delhi bullion market.
Gold rose by Rs 442 to Rs 50,399 per 10 grams in the Delhi bullion market on Thursday amid rise in international precious metals prices and fall in rupee. HDFC Securities gave this information. In the last trading session, the yellow metal had closed at Rs 49,957 per 10 grams. Like gold, silver has also risen by Rs 558 to Rs 58,580 per kg. Silver had closed at Rs 58,022 per kg in the previous trading session.
Why did gold become expensive?
The rupee fell 51 paise to its all-time low of 80.47 per dollar in early trade on Thursday in the interbank foreign exchange market. In the international market, gold was trading with gains at $ 1,677 an ounce. At the same time, silver was stable at $ 19.69 an ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said gold recovered early losses after the dollar index fell below its 20-year high and was trading in gains.
Let us tell you that due to the tension between Russia and Ukraine, slowdown in the global economy and high inflation, gold prices may see a huge increase. It has been told in the report that according to experts, gold prices can touch the figure of Rs 55,000 this year. With this, gold can reach Rs 62,000 next year.
Let us tell you that the World Gold Council believes that the condition of the global economy at present, then there is every possibility of the demand for bullion in it.
Due to demand, prices in the domestic market are not expected to fall beyond a limit. On the other hand, if there is a change in foreign signals, a sharp rise in gold can also be seen in the coming time. Investment demand for gold has declined due to the rise in the US dollar and the Treasury yield, which has brought prices down. In fact, there are indications that the Federal Reserve will continue its aggressive stance on rate hikes. Even after the recent gains, there is no sign of weakness in the latest data of the US economy, due to which the Federal Reserve can focus its attention on controlling inflation.