Gold Price Review: In the last one month, gold has become costlier by more than Rs 4000. It was almost double. Silver reached Rs 7102 per kg in a month. Today IBJA will not release gold and silver rates on the occasion of Gandhi Jayanti. After increasing tension between Israel and Iran, further rise in these metals is expected.
On Tuesday, gold prices jumped to Rs 75515 per 10 grams. Silver closed at Rs 89882. A month ago, the price of 24 carat gold was Rs 71511 per 10 grams and the price of silver was Rs 82780. There is no GST on this gold and silver rate. There may be a difference of Rs 1000 to Rs 2000 in your city.
Rally of about 10.75% in six months
In the international market, spot gold price closed at $2,634 an ounce on Monday, while on MCX it closed at Rs 74,924 per 10 gram. As Monday was the last trading day in the first half of the current fiscal, the MCX gold rate recorded a rally of about 10.75% in the first six months of this fiscal as it rose from Rs 67,677 to Rs 74,924 per 10 grams. Spot gold prices rose from $2,233 to $2,634 per tonne, registering a rise of about 17.50% in the first six months of FY25.
Why are the prices of gold and silver rising?
According to Live Mint news, the attachment to gold as a safe asset strengthened this year. The reason for this is that central banks reserved a lot of gold globally amid increasing geopolitical tension and falling interest rates. Gold has traditionally been considered a safe haven asset, especially in times of economic uncertainty, inflation and geopolitical tensions.
According to Chintan Mehta, CEO of Abans Holdings, falling interest rates, rising geopolitical tensions and central bank purchases gave a boost to gold this year. He said, ‘The US Federal Reserve recently cut interest rates by 50 basis points during its September meeting, due to which the demand for gold has increased. Regional conflicts in the Middle East contribute to an unstable international landscape. Furthermore, geopolitical uncertainty remains.
He said, ‘Between January and July this year, central banks globally are actively accumulating gold. India bought 42.6 metric tonnes of gold, while China also bought 28.9 metric tonnes before temporarily halting its purchases.
