Today Gold Price:
Gold reaches new peak… price reaches close to 67000, is this the reason for the sudden rise?
Buying gold is becoming increasingly expensive and on Thursday its price reached a new peak. In the international market, the price of gold has crossed $2200 per ounce for the first time and its price in the country has reached close to Rs 67,000 per 10 grams.
Gold price reached here as soon as the market opened
Due to the rise in the price of gold on Thursday, the price of gold on MCX reached the level of Rs 66,943 per 10 grams. Gold touched this new record level within a few minutes of the opening of the commodity market. According to the website of Indian Bullion Jewelers (IBJ), on the last trading day, the price of 10 grams of 24 carat gold of 999 purity at the national level was Rs 65795. According to Business Today, the price of gold in the international market was around $ 2,203.35 per ounce. It is worth noting that the trend of increase in gold prices has continued since mid-February.
Why did the gold price suddenly rise?
This sudden sharp rise in gold prices has been seen after the meeting of the central bank Federal Reserve concluded in the US on Wednesday. The decision taken by the US Fed regarding interest rates can be considered the reason behind the rise in gold. Let us tell you here that the Federal Reserve has clearly said that the recent rise in inflation will not affect the monetary policy and the benchmark interest rates will remain stable at 5.25-5.50 percent. Along with this, there have also been indications of reduction in Policy Rate three times.
Gold shines, but silver fades
The immediate effect of this news from America was seen on the prices of gold and on Wednesday, the prices of gold crossed the figure of $ 2200 per ounce in the international market, while on Thursday, with the opening of the commodity market in the country, it reached a new peak. Earlier also, seeing the ongoing rise in gold, analysts had expected it to cross $ 2200. While on one hand there has been a jump in the price of gold, on the other hand, silver on MCX opened at Rs 75,915 per kg and reached a low of Rs 75,775. Silver remained around $ 25.63 per ounce in the international market.
Experts also gave this reason
Anuj Gupta, Head of Commodity and Currency at HDFC Securities, said that the price of gold has moved towards a new high, as the Federal Reserve kept the rates stable and remains firm on its forecast of cutting interest rates at least three times this year. Manav Modi, Commodity and Currency Analyst at MOFSL, also says that before the US Fed meeting, the prices of gold and silver remained stable, but when the Fed announced to keep the policy rates stable, there was a sudden rise in gold.
Sensex jumped 750 points
The impact of the US Federal Reserve’s decision is clearly visible not only on the price of gold, but also on the Indian stock market and due to this the Sensex-Nifty are running at a stormy pace. At the time of writing the news, due to positive global signals, the 30-share BSE Sensex was trading at 72,852 with a jump of 751 points or 1.04 percent, while the NSE Nifty was trading at 22,074 with a gain of 235 points or 1.08 percent.
During just two hours of trading in the stock market till 11.30 am, due to the rise in the Sensex, investors investing in companies listed on the BSE earned more than Rs 5.8 lakh crore. The market capitalization of BSE (BSE MCap) increased from the previous close of Rs 374.12 lakh crore to Rs 379.97 lakh crore.