All Time High! Gold Prices Breach Rs 60,000 Mark For The First Time In India

Gold prices jumped ?1,400 to touch a life-time high of ?60,100 per 10 grammes in the national capital on Monday.

Gold Price Hits All-Time High

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The precious metal had ended at ? 58,700 per 10 grammes in the previous trade before touching its new all-time high by crossing the 60,000 mark. Silver also zoomed ? 1,860 to ? 69,340 per kg, as per the PTI report.

Heightened global uncertainties, the weakness of the rupee, and the upcoming festival season have combined to push up gold prices in India to around the ?60,000 per 10 gramme mark for the first time in the physical retail market in some parts of the country. And on the gold derivatives trading platform of the MCX, the price of the yellow metal is hovering close to that mark, exchange data showed.

Gold prices hitting a fresh high is a sign of slower economic growth and lower interest rates with ample liquidity to help the system steer of the current situation," said Colin Shah, MD, Kama Jewellery, as per a Mint report. We expect gold to gain further and touch new highs in the next few months. Domestically, it is expected to trade in the range of ?61,000-62,000/ 10gm. Internationally, it may scale levels of $2,050-2100/oz, (i.e. upto ?1,73,633.25)" Shah said.

Also Read: 5 'Not So Known' Ways To Add The Glitter Of Gold To Your Portfolio

Gold Surges In The International Market Too

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"Spot gold prices in the Delhi markets traded at ?60,100 per 10 grams, up ?1,400 per 10 grams," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. In the overseas markets, both gold and silver were trading higher at $2,005 per ounce (?1,65,778) and $22.55 per ounce (?1,864), respectively, as per the report.

In the international market, gold prices crossed the psychologically important $2,000 (?1,65,365) per ounce mark in intraday trades on Monday.

Gold prices in Australia also touched their peak of $2,922 (Rs 1,61,525.88)an ounce, fuelled by the falling value of the Australian dollar against the US dollar, as per a CNBC report.

In the last month, the price of gold has jumped by 7?8%. That is one of the biggest gains in the last three years, that is, since the early days of the pandemic.

"Bullions continue surge, with gold on domestic front hitting a new life-time high of over ?60,000, as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Fed in its fight against inflation," Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services, said.

Also Read: From Gold To Stocks-How Much Tax You Pay For Your Investments

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