Gold prices have surged to an unprecedented high, reaching a historic milestone in the bullion market of delhi NCR. With a significant jump of Rs 1130 in a single trading session, gold has soared to Rs 67,450 per 10 grams, surpassing its previous record. Experts predict that this upward trend may continue, with gold potentially reaching Rs 70,000 in 2024.
The surge in gold prices is attributed to robust global signals, prompting a sharp increase in demand. silver prices have also experienced a notable rise, climbing by Rs 1,100 to close at Rs 77,750 per kg. Central banks' purchases of gold have further bolstered its value, contributing to its upward trajectory.
According to hdfc Securities Research Analyst dilip Parmar, the spot price of 24-carat gold in delhi markets has witnessed a substantial increase, reaching Rs 67,450 per 10 grams. This surge is supported by geopolitical risks and continued buying by central banks. On the international front, gold prices on Comex have risen to $2,202 per ounce, reflecting a $48 increase from the previous closing price. Similarly, silver prices have also seen an uptick, trading at $25.51 per ounce.
Colin Shah, MD of Cama Jewellery, attributes the surge in gold prices to indications from the US Federal Reserve regarding potential interest rate cuts. This has spurred investor interest in gold as a safe-haven asset, driving its prices to new heights. Shah predicts that with investor confidence high, gold may breach the Rs 70,000 mark this year.
However, he cautions that fluctuations in crude oil prices could exert pressure on the ongoing rise in gold prices, both domestically and internationally. Investors are advised to monitor market dynamics closely amid this unprecedented rally in gold prices.
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