Gold price today: The ongoing boom in gold is not taking its name. Gold is making a new record with every new day. Even today, the price of gold has risen. Let us tell you that on Wednesday, gold prices in the domestic futures market reached a new record level. MCX Gold 4 April contract crossed the level of Rs 84,000 for the first time, which was supported by the dollar fall, the possibility of the US-China trade war, and the domestic spot shopping in the market.
For the expiry of April 4, MCX Gold reached a record high of Rs 84,154 per 10 grams, which was the previous record high of Rs 83,721. International gold prices also reached a record high level of $ 2,853.97 during Wednesday’s session. Promoted for investment, a fresh US-China trade war was encouraged, which in response to new American charges on Chinese goods, is seeing fresh boom in gold prices after Beijing has imposed tariffs on US imports.
Why is the price of gold increasing?
Increasing danger of trade war: Investors are once again investing in gold due to the possibility of increasing trade war between the US and China between the world’s two largest economies- the world. This is increasing the price of gold.
- Concerns of global inflation: The US government’s tariff policies, especially on China, Mexico and Canada, are considered inflation. Investors are turning to gold to rescue.
- Safe demand: Market uncertainty, inspired by geopolitical stress and unstable equity markets, is pushing investors towards gold.
- Central bank procurement: Global central banks are accumulating gold, which is strengthening its top speed.
- Dollar index move: The US Dollar index recently crossed 109 points, which affected the commodity markets including gold.
- Demand dynamics: Major Bullion Banks are transferring gold reserves from Asian centers such as Dubai and Hong Kong to the US to benefit from high futures premiums.
How long does gold prices rise?
Market experts are expected to further fluctuate prices due to upcoming US economic data. However, experts say that gold can maintain its boom due to global uncertainty and the purchase of a central bank. However, correction can be seen in short term.
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