Categories: India

Gold Prices Hit Rs 71,000; Why The Sudden Spurt?

New Delhi: Navratri and Gudi Padwa, the Hindu festivals considered auspicious for buying gold are here and the prices of the yellow metal in India have hit a record high of Rs 71,080. Silver too scaled a new peak of Rs 82,064 per kg. Gold is expected to see another price hike when the interest rates fall which investors believe could happen later this year, News18 reported.

The bullion rate has seen a 14% increase since March. Geopolitical tensions, wars and grim economic outlook and the timing of the rate cuts by the Federal Reserve have added to the sudden record highs in gold prices. Spot gold in the Chicago Mercantile Exchange rose to $2,344 per ounce, while US gold futures shot up to $2,361 despite expectations of the US Federal Reserve delaying the interest rate cuts after robust US job growth.

World Gold Council’s Regional CEO (India), Sachin Jain, said gold prices touched a historic high despite near stagnant demand due to a fall in jewellery demand in the March quarter in both rural and urban centres, The Hindu reported.

There is a spurt in consumer gold demand during festive seasons in India and the industry has reported good pre-bookings ahead of Gudi Padwa, Ugadi, Navratri and Ramzan in April. The demand for gold jewellery will be subdued in the June quarter due to restrictions on gold movement over the Lok Sabha election for the next two months, News 18 reported quoting experts.

The Reserve Bank of India (RBI) bought 8.7 tonnes of gold in January, the highest in two years. The central bank’s gold holdings had touched 812 tonnes as of January-end, as per the World Gold Council.

OB Bureau

Recent Posts

‘Par Acting Kaun Karega’: Netizens Take A Dig At Janhvi & Sidharth’s ‘Param Sundari’

Mumbai: Janhvi Kapoor and Sidharth Malhotra will be sharing screen for the first time in…

8 hours ago

Odisha Govt Appoints R Santhanagopalan As Secretary Of SSEPD Dept

Bhubaneswar: The Odisha Government has appointed IAS officer R Santhanagopalan as secretary, Social Security and…

8 hours ago

[Watch] Allu Arjun’s Residence Covered With White Sheets & Curtains Post Vandalisation

Hyderabad: Actor Allu Arjun appeared before the Chikkadpally police on Tuesday morning for questioning in connection with the stampede…

9 hours ago

President Appoints Mizoram Governor Hari Babu Kambhampati As Odisha Governor

Bhubaneswar: Mizoram Governor Dr Hari Babu Kambhampati has been appointed as Governor of Odisha in…

9 hours ago

Netizens Slam Abhijeet Bhattacharya For Indirectly Calling Salman Khan ‘Daarubaaz’

Mumbai: Playback singer Abhijeet Bhattacharya, who has a history of making controversial statements, drew the…

9 hours ago

ECoR To Run Special Trains From Odisha For Maha Kumbh Mela In Prayagraj

Bhubaneswar: The East Coast Railway (ECoR) on Tuesday announced to run 5 pairs of special…

9 hours ago

This website uses cookies.