MUMBAI: A day after gold prices reached a new high at over $2,450-per-ounce in the international market, they crossed the Rs 74,000-per-10 gram mark in the city’s bullion market.
Gold was trading at the Rs 74,350 level in late evening trades and silver, which has also been witnessing a stellar run, was traded at a high of Rs 93,400-per-kg, market data showed.While silver prices touched a new all-time peak, gold was trading near the all-time high level seen about a month ago.
According to a report by Emkay Wealth Management, there are several reasons for the recent rally in gold prices. “Gold prices moved up from the $2,050 base, where it was hovering around for a long time, to a new range mainly due to the tensions that emerged in the West Asia, and also on the back of the Fed stance in relation to the policy rate. The geopolitical situation has de-escalated to the comfort of the markets, though further escalation in geopolitical tensions cannot be ruled out,” the report noted.
Strong gold buying by various central banks is also an important reason for the rally in the yellow metal, market players said. For example, so far in 2024, RBI has bought about 25 tonne of gold, a report by the World Gold Council said. Market players believe that festive demand as well as the demand from central banks could help sustain the rally in gold.
Gold was trading at the Rs 74,350 level in late evening trades and silver, which has also been witnessing a stellar run, was traded at a high of Rs 93,400-per-kg, market data showed.While silver prices touched a new all-time peak, gold was trading near the all-time high level seen about a month ago.
According to a report by Emkay Wealth Management, there are several reasons for the recent rally in gold prices. “Gold prices moved up from the $2,050 base, where it was hovering around for a long time, to a new range mainly due to the tensions that emerged in the West Asia, and also on the back of the Fed stance in relation to the policy rate. The geopolitical situation has de-escalated to the comfort of the markets, though further escalation in geopolitical tensions cannot be ruled out,” the report noted.
Strong gold buying by various central banks is also an important reason for the rally in the yellow metal, market players said. For example, so far in 2024, RBI has bought about 25 tonne of gold, a report by the World Gold Council said. Market players believe that festive demand as well as the demand from central banks could help sustain the rally in gold.
