Mumbai22 minutes ago
Gold once again went above Rs 53,600 per 10 grams. This is the highest price of gold in about 27 months. Earlier on August 18, 2020, gold had gone up to Rs 53,815. In 2021 it never touched the level of 53 thousand. In fact, due to the fall in the dollar, the price of gold has increased worldwide. Its effect is also being seen in the Indian market. See the graphic below to know how the price of gold increased in the last 10 days…
According to analysts, the rise in gold may continue in 2023 as well. According to the India Bullion and Jewelers Association (IBJA), the price of gold (24 carat) rose to Rs 53,611 per 10 grams on Friday. Gold became costlier by Rs 860 in just two days and by Rs 1,261 in last 10 days. On November 23, gold was Rs 52,350 per 10 grams. Earlier in 2022, only once on April 18, gold had gone above Rs 53,600 to Rs 53,603.
IBJA gives the average price of gold in 14 major cities of the country. This price of gold is also special for India because about 25 thousand tonnes of gold is estimated to be present in people’s homes in our country. You can understand this with the help of the below graphic…
Gold is getting costlier due to these three big reasons
The boom started after Powell’s comment
Jerome Powell, chairman of the US central bank Fed, said on Wednesday that now interest rates will be increased less. According to Ajay Kedia, director of Kedia Advisory, due to this the dollar started falling and gold started rising. Indrajit Paul, Senior Manager (Commodity Research), Origo Commodities, said that the rally in gold may continue in the coming months.
Expected to reach 61,000 next year
Kedia said that the New Year celebrations are starting in China from 22 January. During this, the maximum purchase of gold takes place there. Apart from this, central banks around the world are continuously buying gold. Due to this, the rise in gold is likely to continue. He said, ‘The boom in a commodity like gold usually lasts for a long time. We estimate that next year gold can reach 60-61 thousand rupees.