Gold Prices: The price of gold, which is considered one of the most important precious metals, is witnessing a continuous rise. Amidst a tremendous rally, gold has started the new financial year with a new history. Today, on April 1, the price of gold has reached a new lifetime high level in the international market.
Table of Contents
Gold prices have become so much
On Monday, the first day of the financial year 2024-25, gold prices in the international market reached a record high of $ 2,263.53 an ounce. Today gold started almost stable at $ 2,233 an ounce, but within a short time the prices reached their new record high.
A new record was also made on MCX
The effect of this tremendous rise in the international market is also visible in the domestic market. The price of gold on MCX was on a rise as soon as it opened today and within a short time of trading, it touched a new record level. In intraday, the April gold contract on MCX reached the level of Rs 69,487 per 10 grams, which is the highest level of gold in history so far. At the same time, the price for the June contract increased to Rs 68,719 per 10 grams.
Gold is the traditional choice of the world
The current rise in gold prices is not spontaneous. In fact, gold has traditionally been the favorite instrument of investors. When uncertainty increases, the demand for gold increases further. Investors around the world consider the yellow metal to be one of the safest investments. For this reason, whenever the economic scenario becomes uncertain due to increasing geopolitical tensions or other reasons, investors start running after gold.
Right now the prices are increasing due to these reasons
Geopolitical tensions are very high right now. There are no signs of the ongoing war between Russia and Ukraine in Eastern Europe coming to an end. Tensions are increasing continuously in West Asia after Hamas’ attack on Israel. Amidst all this, gold prices have also received support from the indications of the US Central Bank Federal Reserve. The Federal Reserve has indicated to cut interest rates thrice this year. Lower interest rates lead to a decrease in bond yields, due to which investors start looking for alternatives. Usually gold benefits the most from this.
