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Gold Prices Soar, Cross Rs 70,000-Mark 

| Updated: March 30, 2024 16:26

Gold prices have risen by 101.2% in four years and nine months

The spike in gold prices is continuing and has set a new record, crossing the Rs 70,000 per 10 gm mark on Friday. The price of gold was Rs 70,500 per 10 gm, rising sharply by Rs 1,000 in a day in the domestic market.  

In the international market, spot gold prices touched $2,233.48 per troy ounce on Friday. The recent spike has reasserted the value of the yellow metal as a high yielding asset-class. 

Gold breached the Rs 35,000-mark for the first time in the Ahmedabad market on June 22, 2019, when it settled at Rs 35,035. This means that in four years, nine months and seven days, gold prices have risen by 101.2%.

Experts attribute the spike to inflation in the US, central banks increasing gold holdings, geopolitical tensions and the expected rate cuts by the US Federal Reserve. 

Rising US inflation

According to a report released by the US commerce department on Friday, the personal consumption expenditures (PCE) inflation measure climbed by 2.5% in February compared to a year ago, pushed up by higher fuel prices, sources said. Another reason for the reason gold prices have shot up is that the US Federal Reserve is expected to implement rate cuts of 75 basis points.  

Since March 29, 2023, when the price was Rs 61,000 per 10 gm, gold has yielded handsome returns of 15.5%. Considered safe and a hedge against inflation, gold has become a popular investment option.

However, high prices have led to the fall in demand for jewellery in the country. Gold prices have increased by Rs 5,000 in 2024 itself, from Rs 65,500 on January 1. Jewellery orders are few and most purchases are against recycling of old gold, say retailers.

Analysts say gold prices will hold Rs 70k and rise further upwards given the global economic and geopolitical scenario.

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