Gold prices reach record high of ₹71,000 per 10 grams: On Monday, April 8, gold prices extended their record-breaking ascent to new highs on both international and domestic markets. Earlier in the session, spot gold rose to $2,343.89 per ounce, while US gold futures rose to $2,361.09. In the domestic sphere, the situation was identical, as gold prices in India experienced their inaugural surge to ₹71,000 per 10 carats.
Gold futures on the MCX climbed by ₹440, or 0.62%, to ₹71,080 per 10 carats.
Dollar index decline, which stayed around 104.25, helped gold prices rise.
Reuters reported that Middle East tensions and speculative buying have lifted gold prices.
As financial market futures price follows momentum, observers worry about gold’s overconfidence.
Despite strong US employment growth, Fed interest rate reduction projections have dropped. As bullion storage costs reduce, gold prices rise.
Gold price gains will continue, predict analysts.
Mehta Equities Ltd.’s VP of Commodities, Rahul Kalantri, anticipates geopolitical turmoil and interest rate reductions to boost gold prices.
“Gold’s price per ounce could potentially reach $2,355.” The price of gold supports between $2,298 and $2,278 per ounce and resists between $2,331 and $2,348. “We state that gold is supported at 70,380 and 70,120 per 10 grams in India, while it encounters resistance at 70,880 and 71,120 per 10 grams,”
Gem & Jewellery Export Promotion Council (GJEPC) member Nirav Bhansali expects gold prices to reach 75,000 per 10 grams by year’s end.
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What should investors do?
Investors should consider many variables before investing due to market dynamics.
Gold may be affected by inflation and interest rates. Gold may rise too high, thus experts warn against waiting for it to fall.
Gold diversifies portfolios and hedges inflation when other assets underperform.
Gold holdings of 10% or less can diversify and reduce market volatility.
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