Gold rose by Rs 900 in a day
The rising trend in gold prices continues. The price of gold in the international market increased for the seventh consecutive day on Friday. In India too, gold reached a new level of Rs 67,500 per 10 grams on Friday. It increased by Rs 900 in a day. Experts say that the price of gold is rising due to the weakening of the US dollar, expectations of the Federal Reserve cutting interest rates and increased purchases of gold by central banks around the world. On Friday, its international spot price reached $ 2,200 an ounce during trading. On Multi Commodity Exchange, gold closed at Rs 66,019 per 10 grams. Compared to last week, its price has increased by Rs 2,419. Similarly, the spot gold price closed at $ 2,179 per ounce, which is 4.65 percent more than last week. Last Friday, gold had closed at Rs 2,082 per ounce.
Experts say that after the appearance of Federal Reserve Chief Jerome Powell in the US Senate, speculations about cutting interest rates have intensified. Besides, the shine of gold has also increased due to the economic situation in the world and the ongoing geopolitical tension. Haresh Acharya, director of India Bullion and Jewelers Association, said that the price of gold has increased due to many geopolitical factors. This has also gained momentum due to speculations of increasing conflict in the Middle East. Despite the rise in prices, gold imports in February stood at 13.9 metric tonnes, its highest level in six months. The price of gold in Delhi increased by Rs 500 to Rs 65,650 on Friday.
How far will the price go?
Experts say that there may be stagnation in the price of gold because investors can book profits in it. February employment figures in the US were better than expected. Due to this, the Federal Reserve may delay cutting interest rates. This may stop the rising price of gold. In the international market it has touched the level of $ 2200 per ounce. Now some profit booking may be seen in this. However, the outlook of gold remains positive and this year its price may go up to Rs 70,000 per 10 grams.
