Gold prices rally to historic high of Rs 67,300/10 grams
   Date :22-Mar-2024

Gold prices 
Business Reporter
THERE is a traditional saying that ‘whatever goes up always comesdown,’ butit seems that this proverb doesnotholdtrue for gold prices which have climbed to record high levels. In the city, gold prices hit historic high of Rs 67,300 per 10 grams on Thursday. Similarly, silver prices are being quoted at Rs 76,000 per kg. This is for the first time that gold prices have crossed Rs 67,000 per 10 gram level.The gold prices are rallying due to various factors and strong demand in the international market. Rajesh Rokde, Director of Rokde Jewellers, Secretary of Nagpur Sarafa Association and Vice Chairman of All India Gem and Jewellery Domestic Council (GJC) told The Hitavada that the gold prices jumped to historic high levels onhopes of USF ederal Reserve consider inganinterestratecut inJune.The US Federal Reserve has announced to lower the interest rates whic hare at high of5.5 percent. This announcement alone has lifted gold prices higher. But, when this event actually happens gold prices could jump by another Rs 5,000 to Rs 10,000 per 10 grams.
The gold prices are expected to touch Rs 75,000 per 10 grams by this year end. Apart from this, geopolitical tensions like war and slowing global economy are some of the factors that attracts governments and people to buy gold. Onthedomestic front,there is slow demand for gold in the month of March.Traders expect people to come out and buy gold from April onwards when the marriage season starts. Kishor Sheth, Director of Batuk bhai and Sons Jewellers said that gold prices are creating history due to strong demandinthe global markets. Usually,goldprices tendtorise when interest rates are lower. People buy gold to protect their weal than dinvestin gold which is considered a safe asset. Other than this, it is estimatedthatthere willbe record number of weddings of more than 35 lakh taking placeinthe country thisyear.Withthis, the growth in demand for gold jewellery is expected to be 10 per cent higher, as compared to the previous year, he said. (Note: The gold and silver prices are without GST and Hallmarking charges).