Gold prices in India hit an all-time high, at Rs.64,530 per 10 gms
Gold prices rose to a lifetime high in India amid the peak wedding season and rising international rates of the precious metal.
The demand for gold in the domestic market remains firm amid the marriage season as the precious metal is gifted to brides and grooms in large quantities.
Chennai led the charge with the price soaring to Rs.64,530 per 10 gm for 24-carat gold in morning trade. The price of the precious metal in Mumbai, Delhi, Bengaluru, and Kolkata was hovering at Rs.63,760 per 10 gm, which was Rs.810 higher than the previous day.
Gold prices in the international market have also shot up to a seven-month high as spot prices gained 1.6 percent to $2,069.10 per ounce on Friday.
India imports a large quantity of gold and rising global prices have a direct impact on the domestic market.
Gold prices have been rising in the global market as the dollar has continued to depreciate against a basket of major currencies and is currently close to a three-month low which makes gold cheaper to buy in other foreign currencies.
There are also growing expectations that the Federal Reserve is likely to cut rates in the coming months.
Expectations of low interest rates make financial instruments less attractive for investors compared to gold which is considered a safe investment.
[With Inputs from IANS]
For all the latest updates, download PGurus App.
- Another jolt to Congress in MP as Six-time MLA Ramniwas Rawat joins BJP - April 30, 2024
- Amit Shah’s doctored video case: Delhi Police summons 16 leaders from 7 states - April 30, 2024
- Ahead of third phase, PM Modi writes to BJP candidates; urges to spotlight Congress’ politics of ‘division and appeasement’ - April 30, 2024
