New Delhi
Gold prices are touching the sky! Gold reached a new record of Rs 88,488 per 10 grams on MCX (Multi Commodity Exchange). In the international market, gold has crossed $ 3,000 an ounce. At the same time, gold has made another record. Gold market capitalization has increased to more than $ 20 million million. This is the first time its market cap has been so high.
The April futures contract of gold rose 0.52% or Rs 465 to Rs 88,488 per 10 grams on MCX. Prices in the international market reached $ 3,024 an ounce. The price of gold has come due to the weakening of the dollar, increasing tension in the world and caution of investors in the world.
Dollar declines
The dollar index has come to a five -month low. Therefore, gold has become even more attractive for international buyers. When the dollar is weak, it becomes cheaper for people from other countries to buy gold.
An atmosphere of fear in the market
Gold prices are increasing due to tension, economic uncertainty and weakening of the dollar in the world. War in the Middle East, tension between the US and Iran and waiting for the decisions of the Federal Reserve, all these reasons are an atmosphere of fear in the market. Investors are considering gold safe and investing in it.
US President Donald Trump has warned Iran that the US will not sit silent if Huti rebels attack the Red Sea. There is an atmosphere of fear in the market. The fight between Israel and Hamas has intensified. Israel is attacking Gaza. At the same time, the war between Russia and Ukraine is still going on.
America’s economic figures weak
America’s economic figures are weak and Fed’s policies are awaited. America’s economic figures are less than expected. This has increased concern about development. ICICI Securities said, “Gold has also become expensive due to the increasing geopolitical tension in the Middle East after the US attacks against weak-appointed economic data from the US and the US attacks against Yemen’s Huti.
