The upward trend in gold prices for the past several months is still continuing. gold prices performed well this week as well, rising by about 5 per cent. On Friday, the price of gold was Rs 77,685 per 10 grams. This price of gold is only Rs 1850 less than the record high level of Rs 79,535. The main reason for this rise in gold on the Multi Commodity Exchange (MCX) is believed to be the increasing tension in the Russia-Ukraine war. Apart from this, after Donald Trump's victory in the US presidential election, investment in gold is also increasing due to the US economy, due to which its price is rising.
Main reason for increase in gold prices
According to commodity market experts, gold prices are rising due to three main reasons. First Russia-Ukraine war, second instability in the stock market and third Donald Trump's victory in the US presidential election.
Experts also say that the rise in the US dollar and the cautious stance of the US Fed towards rate cuts are working in the right direction. The overall trend is positive, but the MCX gold rate has reached the level of Rs 78,800. If this remains the case, the price of gold can make new records. According to Sugandha Sachdeva, founder of SS Wealthstreet, "The increasing geopolitical turmoil in the Russia-Ukraine war has further strengthened gold as a safe investment. gold prices rose 5 per cent this week, the biggest weekly increase since march 2024." Thor Metals Group CEO and gold expert brandon Thor said, "The rising volatility and high valuation of the stock market has made gold a strong option. (As per discussion with Livemint)
gold price in the coming days!
brandon Thor said, "In view of the current global and economic conditions, investing in gold and silver can be a good option to keep capital safe and earn profits. The strict monetary policy of central banks and increasing geopolitical risks give positive signals for gold. " At the same time, Sugandha Sachdeva said that the price of gold on MCX is trading at Rs 78,800 per 10 grams and is facing support at Rs 73,500 per 10 grams. Now the next trend of the price will be decided by these levels going up or down.
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