Gold Prices At Record High In Global, Local Market, Trend To Continue

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Gold Prices At Record High In Global, Local Market, Trend To Continue

| Updated: January 5, 2023 12:06

On the fourth consecutive day when the yellow metal prices have gone up in the international market, Wednesday saw gold prices in Ahmedabad touch a two year high of Rs 57,600 per 10 gms.  The last high point in the local market was August 7, 2020 when priced touched an all-time high of Rs 58,000 per 10 gms. 

For investors who vested their money in the metal last year, it was a 16% gain in a year. On January 4, 2022, gold stood at Rs 49,700 per 10 gms. 

Except for Kerala, gold prices change daily in all states due to currency exchange rates, excise duty, state taxes, and making charges of jewellers. 

Gold prices have been on an upward surge owing to rising inflation worldwide, triggered by geopolitical uncertainties and post-pandemic lull in business pick-up rates. According to the World Gold Council (WGC), spot gold price stood at $1.854.10 (Rs 1.5 lakh) per troy ounce. 

On Wednesday, silver prices also rose in the city with the closing rate being Rs 69,000 per kg in Ahmedabad. This was 10.4 % higher than silver prices on the same day last year. 

“Gold prices are expected to rise. One would be better advised in buying whenever the prices dip. As an investment, gold would be a optimal bet this year. Gold prices are on an upward trend because of the consistent hikes in interest rates by US Federal Reserves. Moreover, depreciation of the Indian Rupee against USD has pushed an effective increase in domestic rates. Central Bank of major economies are stocking up on bullion reserves this year,” shared Haresh Acharya, director, India Bullion And Jewellers’ Association. 

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