In a remarkable surge, gold prices have reached an all-time high, touching ₹65,000 per 10 grams. Investors and enthusiasts are closely monitoring this historic milestone as the precious metal continues its upward trajectory.
National Capital Witnesses Historic Gold Rates
In the bustling streets of New Delhi, gold aficionados are witnessing a remarkable shift. The price of gold surged by ₹800 overnight, catapulting it to an unprecedented level. Just a day ago, the closing price stood at ₹64,200 per 10 grams, but today, it has soared to ₹65,0001.
Global Trends and Speculation Drive the Rally
The surge in gold prices is attributed to several factors:
- Global Trends: The precious metal is responding to strong global cues. As international markets experience fluctuations, investors seek refuge in gold—a classic safe-haven asset.
- US Federal Reserve Speculation: Experts speculate that the US Federal Reserve may cut interest rates in June. This anticipation has fueled optimism among gold traders, leading to substantial gains.
City-wise Rates
Here’s a snapshot of gold prices across major Indian cities:
- Delhi: ₹65,000 (24K gold) per 10 grams
- Mumbai: ₹64,850 (24K gold) per 10 grams
- Kolkata: ₹64,850 (24K gold) per 10 grams
- Chennai: ₹65,620 (24K gold) per 10 grams
- Bengaluru: ₹64,850 (24K gold) per 10 grams
Silver Joins the Rally
Not to be outdone, silver prices have also surged. A 10-gram silver bar now commands ₹74,900, rising by ₹900 from the previous close. The silver rate in the international market stands at $23.88 per ounce2.
The Economic Landscape
Gold remains a preferred investment avenue, especially during uncertain times. Its value is influenced by various factors, including the US dollar, government policies, and global economic conditions. As inflationary pressures ebb and flow, gold stands as a reliable hedge against financial instability.
Conclusion
As the glittering metal continues its ascent, investors and analysts keep a watchful eye on the markets. Whether this rally sustains or experiences corrections remains to be seen, but for now, gold enthusiasts celebrate this historic milestone.
