Gold Prices: The ongoing rise in gold prices for the past several months still continues. The price of gold also performed tremendously this week and increased by about 5 percent. 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 price on the Multi Commodity Exchange (MCX) is believed to be the increasing tension in the Russia-Ukraine war. Apart from this, after the victory of Donald Trump in the US Presidential elections, investment in gold is also increasing due to the US economy, due to which its price is increasing.
Main reason for increase in gold prices
According to commodity market experts, gold prices are increasing 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 US Federal Reserve’s cautious stance towards rate cuts are working in the right direction. Overall the trend is positive, but MCX gold rate has reached the level of Rs 78,800. If this continues then the price of gold can create new records.
According to Sugandha Sachdeva, Founder, SS WealthStreet, “The increasing geo-political turmoil over the Russia-Ukraine war has further strengthened gold’s status as a safe haven investment. This week, gold prices have gained 5 per cent, which is “This is the biggest weekly increase since March 2024.”
Brandon Thor, CEO of Thor Metals Group and gold expert, said, “Increasing stock market volatility and high valuations have made gold a strong option.” (As per discussion with Livemint)
Gold price in the coming days!
Brandon Thor said, “Due to the current global and economic conditions, investing in gold and silver can be a good option to keep capital safe and earn profits. The tight monetary policy of central banks and increasing geopolitical risks give positive signals for gold. Are. “
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 going up or down at these levels will decide the next price trend.
Factors affecting gold prices next week
Experts believe that the price of gold next week will depend on America’s Q3 GDP data and PCE price index. Apart from this, new developments in the Russia-Ukraine war can also affect gold prices. Anuj Gupta, Head of Currency and Commodity, HDFC Securities, said, “Gold prices may continue to rise until there is a solution to the Russia-Ukraine war. Investors are advised to remain cautious in this matter.” Went.”
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