Tuesday, April 11, 2023

Gold prices hit a new high: Rs 61,000 in India

As a cloud of economic and political uncertainty drew investors to the yellow metal, its price reached a new high of Rs 61,000 per 10 grams in India and a one-year high on international markets. Gold prices increased to $2,032 per ounce on international markets on Wednesday, reaching a high of Rs 61,181 per 10 grams on the MCX and an average of Rs 60,978.

Following a decline in US employment figures, gold gained internationally, supported by a weaker dollar. The rupee gained 33 paise to close at 82 against the dollar as the greenback fell against most currencies.

"Gold prices are rising as a result of multiple factors, including geopolitical uncertainty and tensions over criminal charges brought against former US President Donald Trump. Additionally, stock market gains have been constrained by interest rates. According to Pankaj Parekh, Kolkata-based regional chairman of the gems and jewellery export promotion council, "all these developments have given a boost to gold as a safe haven."
It is to be noted that gold is traditionally considered as a safe investment while there are economical issues since the beginning as the first model of currency depended on gold standard. Read about the gold standard history here: https://en.wikipedia.org/wiki/Gold_standard

Also, gold is advised to be an asset class by many expert investors such as Ray Dalio for weathering unfavorable conditions.

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