Gold prices brought tears to the eyes of common people. What is the reason for the rise in gold prices in 2024?
The price of gold saw many peaks in 2024. The price of gold reached an unprecedented high to the point that common people said that they could no longer buy gold jewelry.
On january 1, 2024, the price of one gram of 22-carat gold in chennai was Rs. 5855. On december 25, the price of one gram of 22-carat gold in chennai was Rs. 7,100. As far as the price of gold is concerned, this one-year period has seen various changes. Especially since the beginning of the year, the price of gold has been on the rise. The price of gold reached an unprecedented rise in october and November.
The price of gold has increased by about 22 percent in the period from january to november alone. Due to the economic slowdown prevailing internationally, many people have turned to gold as a safe investment.
Next, the conflict between iran and Israel, and the conflict between Ukraine and Russia, led to political instability and occasional war-like conditions. This also increased the price of gold. On the one hand, however, central banks of various countries bought gold in large quantities and stored it. Due to this, the demand for gold increased and the price of gold rose internationally. This was also reflected in India.
The increase in demand for physical gold, also known as jewelry gold, in both India and China, is said to be one of the reasons. The US presidential election was also a reason for the fluctuations in the price of gold. Following the confusion over which candidate would win the US presidential election, many people came forward to invest in gold. At the same time, the US Federal Reserve was involved in interest rate cuts. Various such factors have also contributed to the rise in the price of gold.
According to reports, the price of gold has reached an unprecedented high 39 times in international dollar terms. In the first 10 months alone, the price of gold in india has increased by 23.5%. The World gold Council report says that gold prices have been experiencing frequent peaks and troughs, especially in the months of September and October. On october 30, the price of 22-carat gold in chennai peaked at Rs 7,440 per gram and Rs 59,520 per pound.
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