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Gold Price Today: After remaining consolidated for 3 weeks, gold prices saw an increase last week. Gold touched a new high of $2,583 an ounce in the global spot market. At the same time, the price of gold on Comex reached a new high of $2,611.60 an ounce on Friday. In this way, gold prices have increased by about 26 percent so far in the year 2024. In this way, gold has surpassed the major indices of the Indian stock market Nifty-50, Sensex, and Bank Nifty in terms of returns.
Gold gave much higher returns than the stock market.
Global gold prices have risen from $2,060 to $2,600 an ounce this year. This is a jump of 26 percent. While the Nifty-50 index has registered a gain of about 16.60 percent so far this year. According to commodity market experts, the immediate reason for the rise in gold prices at this time is the possibility of a US Fed rate cut, which puts pressure on US dollar rates. However, geopolitical tensions, inflation concerns, and market uncertainty are among the key triggers that have helped the yellow metal maintain an uptrend in 2024. According to experts, gold prices are expected to rise sharply and will soon reach $2,640 and $2,660 an ounce.
Domestic prices of gold and silver
Talking about domestic prices, on Friday, gold for delivery on October 4, 2024, fell by Rs 5 to close at Rs 73,510 per 10 grams on the MCX exchange. At the same time, silver for delivery on December 5, 2024, closed at Rs 89,244 per kg on Friday with a gain of Rs 64.
Why are gold prices increasing?
- The dollar is weakening due to expectations of interest rate cuts by the Fed, due to which the prices of gold are rising.
- Central banks around the world have recently increased their gold purchases significantly, pushing up prices.
- Gold has also shown signs of rise on technical charts.
- Geopolitical tensions such as Ukraine, the Middle East, and US-China relations have kept investors’ interest in gold.
