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Friday, April 5, 2024

For the seventh day in a row, gold prices surge to a record high.

Gold prices surge to a record high.

For the seventh day in a row, gold prices surge to a record high.

On Thursday, the price of gold shot up to a new lifetime high of Rs 69,908 per 10 gm on India's Multi Commodity Exchange (MCX) following the precious metal's seventh straight trading day of all-time high prices on the international market.

The June 2024 expiry gold futures contract on the MCX began at Rs 69,868 per 10 gm in early trade. Following news of the precious metal reaching a high of $2,323.70 per ounce in the global market, the contract shot up to Rs 69,908 per 10 gm.

For the past seven trading sessions, gold prices have been rising to all-time highs. Market analysts claim that the most recent spike occurred following US Fed Chairman Jerome Powell's speech on Wednesday, which seemed to confirm the impending interest rate cut.

Reduced interest rates reduce the profitability of financial instrument investments, which often leads to a shift toward gold purchases.

Because gold is regarded as a secure investment in the face of geopolitical and economic instability following the escalation of tensions brought on by the conflict between Russia and Ukraine and Israel, gold prices have increased by about 11% so far this year.

Large-scale purchases of gold by central banks across a number of nations, most notably China, have also raised prices.

The necessity for the precious metal at weddings, where it is given to brides and grooms in huge numbers as jewelry, drives up the price of gold in the Indian market. Jewelers, however, believe that this demand is being tempered by the skyrocketing prices of gold. They claim that the falling imports of precious metal also reflect this.

The Matka is a website where you can find information about Gold News in finance.



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