Gold Rate: Gold prices in India have set a new record. On Tuesday 22 April, the price of 24 carat gold reached Rs 1,01,350 per 10 grams, which is the highest level ever. This is the first time the price of gold has crossed the mark of Rs 1 lakh per 10 grams. You do not need to panic. If experts are believed, the rate of gold may soon come up to Rs 93,000.
Gold shines in the global market too
Internationally, there was a tremendous rise in gold. Spot Gold reached a record level of $ 3,473.03 an ounce. At the same time, American Futures Gold climbed to $ 3,482.40 an ounce. The biggest reason for this fast is global economic uncertainty. The rate of 24 carat gold (99.9% purity) is at Rs 10,135 per gram. At the same time, 22 carat gold is being sold at Rs 9,290 per gram and 18 carat 7,601 per gram.
Why the boom in gold
Former US President Donald Trump criticized the policies of Zerome Powell, chairman of the Federal Reserve and demanded immediate reducing interest rates. This weakened the dollar, causing investors to increase the purchase, considering gold as a safe option.
An atmosphere of fear in the market, gold became safe support
KCM Trade Expert Chief Analyst Tim Waterr said that due to the tussle between tariffs and trump-waves, investors are distance from American assets and are giving priority to gold. Research analyst of LKP Securities Jatin Trivedi said that the purchase of China, Central Banks and big investors has further strengthened the boom. At the same time, America’s economic concerns, debt crisis and tariff controversies have also shined gold.
Where will you go ahead?
Technically, as long as Comex Gold remains above $ 3,250 and MCX Gold remains up to Rs 91,000 per 10 grams, the fast can continue. He said that if there is a decline of around Rs 93,000 per 10 grams, the entry point for new investors can be there, but at this time the volatility is very high, so it is necessary to be cautious. Now the market is eyeing the statements of American Fed officials this week, so that the direction will be decided on interest rates and inflation.
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