The effect of festive season and reduction in interest rates has started showing on the price of gold. The shine of gold has increased continuously in both international and domestic markets and the prices of yellow metal have again reached new record levels at both levels. In the domestic market, gold has crossed Rs 76 thousand.
Gold crossed Rs 76 thousand
On Tuesday, there was a tremendous rise in the price of gold in both spot and futures deals in the US market. The price of spot gold reached a new high of $ 2,638.37 per ounce at one time during trading. At the same time, the price of US gold futures went up to $ 2,661.60 per ounce. At the same time, gold crossed Rs 76 thousand in the domestic market. According to a report by CNBC TV18, the price of 24 carat gold in the Indian market on Tuesday rose to Rs 76,330 per 10 grams.
Federal Reserve made interest rates cheaper
In fact, various asset classes from shares to gold and crypto are benefiting from the interest rate cut by the Federal Reserve in the US. The Federal Reserve recently cut the interest rate by 0.50 percent more than expected. The Federal Reserve also hinted at further cuts this year. After that, the flow in various asset classes increased, which is also benefiting the yellow metal.
Shopping increases during festivals
Analysts believe that gold prices are going to rise further in the coming days. If we look at the domestic level, the series of festivals is going to gain momentum in the coming days. After Navratri, festivals like Diwali and Dhanteras are coming. Indians buy more gold in this season, because buying gold on the auspicious occasion of festivals is considered auspicious.
Gold can go upto 78 thousand rupees
Apart from that, the wedding season is going to start in the country after Navratri. The wedding season has traditionally been a season of high gold purchases and a rise in prices. This time too, the demand for gold is expected to be strong during the wedding season. Due to this, market experts say that in the coming days, gold can reach the level of Rs 78 thousand per 10 grams in the domestic market.
Also read: Gold will become expensive during the festive season, the price will reach up to Rs 78 thousand
