For the first time in India, Gold prices surpass the Rs. 60000 mark on MCX

Gold prices surpass the Rs. 60000 mark on MCX

Prior to reaching its new all-time high by passing the 60,000 threshold, the precious metal had previously traded at a price per 10 grams of 58,700. According to the PTI report, silver increased by 1,860 to 69,340 per kg.

Details about For the first time in India, Gold prices surpass the Rs. 60000 mark on MCX

Increased global uncertainty, the rupee’s depreciation, and the impending holiday season have all worked together to drive up the price of gold in some regions of India to a record-high level of about 60,000 rupees per 10 grams. Yet according to data from the exchange, the price of the yellow metal is currently hovering around that level on the MCX’s gold derivatives trading platform.

A new high in gold prices indicates slower economic growth, lower interest rates, and plenty of liquidity to help the system manage the current scenario “According to a Mint story, Colin Shah, MD, Kama Jewellery, stated. In the coming months, we anticipate gold to continue rising and reach new highs. It is anticipated to trade domestically in the range of $61,000 to $62,000 per 10gm. It can scale up to $2,050-2100/oz internationally (or up to $1,73,633.25).” said Shah.

Spot gold prices increased by 1,400 per gramme in the Delhi markets, according to Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities. According to the report, gold and silver were both trading higher on international markets at $2,005 per ounce (1,65,778) and $22.55 per ounce (1,864), respectively.

In intraday trades on Monday, gold prices on the global market exceeded the psychologically significant $2,000 (Rs. 1,65,365) per ounce threshold.

According to a CNBC article, the dropping value of the Australian dollar relative to the US dollar helped gold prices in Australia reach their pinnacle of $2,922 (Rs 1,61,525.88) an ounce.

The cost of gold has increased by 78% during the past month. Since the beginning of the pandemic, that is one of the biggest advances in the past three years.

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