Gold vaults to all-time high – Times of India

HYDERABAD: The rally in gold prices continued in the international market for the third consecutive day and it went past the $2,100-per-ounce mark early on Monday. The rally also had an impact on domestic prices as the yellow metal breached the Rs 64,000/10 grams mark on MCX. Later in the day, however, there was a sharp correction and the price fell to below the $2,050 level.
In the local markets, goldwith 999 purity was being sold at around Rs 67,500/10gm which included taxes.This was a new all-time high price. Last week too, the yellow metal’s price had recorded new life-high marks.

Surendra Mehta, president, the Indian Bullion & Jewellers Association, said that the recent surge in gold prices in the international markets was on the back of news of a US warship and some commercial ships coming under attack in the Red Sea. “The market has made a huge high in just two months from $1,820 levels to nearly $2,150 so it needs a correction because it needs some news to rise again,” he said.
On the other hand, Avinash Gupta, former director, All India Gems & Jewellery Domestic Council, feels the surge was not substantiated by any fundamentals and was driven only by anticipation of the US Fed slashing interest rates much earlier than expected.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button